Encountered while running the 64-bit beta 3 on a Windows 7 professessional system, fully updated, and MS Frontpage 2003, SP3.
Just in case it is handy, the desktop.ini file in that directory contains reads as follows:
[.ShellClassInfo]
IconFile=_vti_pvt/fpdbw.ico
IconIndex=0
ConfirmFileOp=0
InfoTip=Stores your local web site