Fixed!
It seems that the Talend Open Studio installation fails silently when done on a path containing a space. Fair enough, you Unix-heads say, but Windows encourages applications to be installed to 'Program Files'.
Specifically, the Workspace is not set up correctly with only 1 sub-directory structure created (.JETEmitters). .Java, .metadata, and the project specific directories are not created.
Solution: Un-Install & re-install to somewhere other then 'Program Files'.
D.