I get the same problem.  MMV will run on my XP laptop, but not on my studio 98SE system.  I get a 'missing instrument .dll' error.  I have re-installed twice,  installed then re-installed the upgrade to 1.1, and checked that the .dll file is copied to both driver and vst folders.  It still doesn't work.  
Arturia techies - if you read this, please sort out a fix.
Cheers :cry: