I had lots of issues with the iPhone Configuration Utility stopping opening. In the log I found the error “Key not valid for use in specified state.” I found this link:
http://www.ipadforums.net/ipad-help/40751-iphone-configuration-utility-not-running-my-pc.html
The thing that worked was to delete the RSA folder that is mentioned.
This was on a Windows 7 machine so the actual path to find the RSA folder was:
c:\users\\appdata\roaming\Microsoft\Crypto
Tim