You are absolutely correct about most of the situation. I’m running the version installed by the Launcher. My Swarm starts up, I am running 4.7.2 and I can see usual business in the Swarm Logs like Build job started, GUID assigned, and then it says Job failed with a really random number like -17896465690 (I’m away from the computer at the moment so I cannot confirm the exact # at the moment)
Everything else in the Unreal Engine works.
What I’ve also found with Dependency Walker is that these dll references are coming from MSHTML.dll and IEFRAME.dll which are both Windows files.
I will look into this and get back with the other information shortly.