After a successful install, I tried to create a "Java EE Web Project" and run into an error dialog "Failed to load Wizard - Wizard metadata could not be loaded". I've also tried all other projects and result in the same error. The only project I could create is the "Dynamic Web Project". Looking at the error log, there are a lot of these "Connection errors" like below.

!SESSION 2012-10-23 15:28:07.909 -----------------------------------------------
eclipse.buildId=unknown
java.version=1.7.0_07
java.vendor=Oracle Corporation
BootLoader constants: OS=win32, ARCH=x86, WS=win32, NL=en_US
Framework arguments: -product com.jboss.jbds.product.product
Command-line arguments: -os win32 -ws win32 -arch x86 -product com.jboss.jbds.product.product

!ENTRY org.jboss.tools.central 4 0 2012-10-23 15:28:27.086
!MESSAGE Permission denied: connect
!STACK 0
java.net.SocketException: Permission denied: connect
at java.net.DualStackPlainSocketImpl.waitForConnect(Native Method)
at java.net.DualStackPlainSocketImpl.socketConnect(DualStackPlainSocketImpl.java:75)
at java.net.AbstractPlainSocketImpl.doConnect(AbstractPlainSocketImpl.java:339)
at java.net.AbstractPlainSocketImpl.connectToAddress(AbstractPlainSocketImpl.java:200)
at java.net.AbstractPlainSocketImpl.connect(AbstractPlainSocketImpl.java:182)
at java.net.PlainSocketImpl.connect(PlainSocketImpl.java:157)
at java.net.SocksSocketImpl.connect(SocksSocketImpl.java:391)
at java.net.Socket.connect(Socket.java:579)
at org.eclipse.ecf.provider.filetransfer.events.socket.SocketEventCreateUtil.createSocket(SocketEventCreateUtil.java:43)
at org.eclipse.ecf.internal.provider.filetransfer.httpclient.ECFHttpClientProtocolSocketFactory.createSocket(ECFHttpClientProtocolSocketFactory.java:81)
at org.eclipse.ecf.internal.provider.filetransfer.httpclient.ECFHttpClientProtocolSocketFactory.createSocket(ECFHttpClientProtocolSocketFactory.java:73)
at org.eclipse.ecf.internal.provider.filetransfer.httpclient.ECFHttpClientProtocolSocketFactory.createSocket(ECFHttpClientProtocolSocketFactory.java:65)
at org.apache.commons.httpclient.HttpConnection.open(HttpConnection.java:707)
at org.apache.commons.httpclient.MultiThreadedHttpConnectionManager$HttpConnectionAdapter.open(MultiThreadedHttpConnectionManager.java:1361)
at org.apache.commons.httpclient.HttpMethodDirector.executeWithRetry(HttpMethodDirector.java:387)
at org.apache.commons.httpclient.HttpMethodDirector.executeMethod(HttpMethodDirector.java:171)
at org.apache.commons.httpclient.HttpClient.executeMethod(HttpClient.java:397)
at org.apache.commons.httpclient.HttpClient.executeMethod(HttpClient.java:346)
at org.eclipse.ecf.provider.filetransfer.httpclient.HttpClientRetrieveFileTransfer.performConnect(HttpClientRetrieveFileTransfer.java:1142)
at org.eclipse.ecf.provider.filetransfer.httpclient.HttpClientRetrieveFileTransfer.openStreams(HttpClientRetrieveFileTransfer.java:710)
at org.eclipse.ecf.provider.filetransfer.retrieve.AbstractRetrieveFileTransfer.sendRetrieveRequest(AbstractRetrieveFileTransfer.java:889)
at org.eclipse.ecf.provider.filetransfer.retrieve.AbstractRetrieveFileTransfer.sendRetrieveRequest(AbstractRetrieveFileTransfer.java:576)
at org.eclipse.ecf.provider.filetransfer.retrieve.MultiProtocolRetrieveAdapter.sendRetrieveRequest(MultiProtocolRetrieveAdapter.java:106)
at org.jboss.tools.project.examples.filetransfer.ECFExamplesTransport.transfer(ECFExamplesTransport.java:319)
at org.jboss.tools.project.examples.filetransfer.ECFExamplesTransport.performDownload(ECFExamplesTransport.java:246)
at org.jboss.tools.project.examples.filetransfer.ECFExamplesTransport.download(ECFExamplesTransport.java:206)
at org.jboss.tools.central.jobs.AbstractRefreshJob.run(AbstractRefreshJob.java:186)
at org.eclipse.core.internal.jobs.Worker.run(Worker.java:54)

!ENTRY org.jboss.tools.central 4 0 2012-10-23 15:28:27.132
!MESSAGE Permission denied: connect
!STACK 0
java.net.SocketException: Permission denied: connect
at java.net.DualStackPlainSocketImpl.waitForConnect(Native Method)
at java.net.DualStackPlainSocketImpl.socketConnect(DualStackPlainSocketImpl.java:75)
at java.net.AbstractPlainSocketImpl.doConnect(AbstractPlainSocketImpl.java:339)
at java.net.AbstractPlainSocketImpl.connectToAddress(AbstractPlainSocketImpl.java:200)
at java.net.AbstractPlainSocketImpl.connect(AbstractPlainSocketImpl.java:182)
at java.net.PlainSocketImpl.connect(PlainSocketImpl.java:157)
at java.net.SocksSocketImpl.connect(SocksSocketImpl.java:391)
at java.net.Socket.connect(Socket.java:579)
at org.eclipse.ecf.provider.filetransfer.events.socket.SocketEventCreateUtil.createSocket(SocketEventCreateUtil.java:43)
at org.eclipse.ecf.internal.provider.filetransfer.httpclient.ECFHttpClientProtocolSocketFactory.createSocket(ECFHttpClientProtocolSocketFactory.java:81)
at org.eclipse.ecf.internal.provider.filetransfer.httpclient.ECFHttpClientProtocolSocketFactory.createSocket(ECFHttpClientProtocolSocketFactory.java:73)
at org.eclipse.ecf.internal.provider.filetransfer.httpclient.ECFHttpClientProtocolSocketFactory.createSocket(ECFHttpClientProtocolSocketFactory.java:65)
at org.apache.commons.httpclient.HttpConnection.open(HttpConnection.java:707)
at org.apache.commons.httpclient.MultiThreadedHttpConnectionManager$HttpConnectionAdapter.open(MultiThreadedHttpConnectionManager.java:1361)
at org.apache.commons.httpclient.HttpMethodDirector.executeWithRetry(HttpMethodDirector.java:387)
at org.apache.commons.httpclient.HttpMethodDirector.executeMethod(HttpMethodDirector.java:171)
at org.apache.commons.httpclient.HttpClient.executeMethod(HttpClient.java:397)
at org.apache.commons.httpclient.HttpClient.executeMethod(HttpClient.java:346)
at org.eclipse.ecf.provider.filetransfer.httpclient.HttpClientRetrieveFileTransfer.performConnect(HttpClientRetrieveFileTransfer.java:1142)
at org.eclipse.ecf.provider.filetransfer.httpclient.HttpClientRetrieveFileTransfer.openStreams(HttpClientRetrieveFileTransfer.java:710)
at org.eclipse.ecf.provider.filetransfer.retrieve.AbstractRetrieveFileTransfer.sendRetrieveRequest(AbstractRetrieveFileTransfer.java:889)
at org.eclipse.ecf.provider.filetransfer.retrieve.AbstractRetrieveFileTransfer.sendRetrieveRequest(AbstractRetrieveFileTransfer.java:576)
at org.eclipse.ecf.provider.filetransfer.retrieve.MultiProtocolRetrieveAdapter.sendRetrieveRequest(MultiProtocolRetrieveAdapter.java:106)
at org.jboss.tools.project.examples.filetransfer.ECFExamplesTransport.transfer(ECFExamplesTransport.java:319)
at org.jboss.tools.project.examples.filetransfer.ECFExamplesTransport.performDownload(ECFExamplesTransport.java:246)
at org.jboss.tools.project.examples.filetransfer.ECFExamplesTransport.download(ECFExamplesTransport.java:206)
at org.jboss.tools.central.jobs.AbstractRefreshJob.run(AbstractRefreshJob.java:186)
at org.eclipse.core.internal.jobs.Worker.run(Worker.java:54)