I looked but I seem to be the only one with this problem. I can't even make it to the point of actually downloading and seeing the % status with number of files downloaded.
My log says (skipped to the end where it sees the pre-req is there and then just ends):

3/21/2011 6:10:34 PM
Initialization status: "Getting alerts and news" 3/21/2011 6:10:34 PM
3/21/2011 6:10:34 PM
Initialization status: "Opening main form" 3/21/2011 6:10:34 PM
Transition to phase: InitControl 3/21/2011 6:10:36 PM
RSS Feed Error: The root element is missing. 3/21/2011 6:10:36 PM
Transition to phase: UpdaterSelectControl 3/21/2011 6:10:36 PM
Update Option: Local Forward Version is newer than Remote ForwardVersion. 3/21/2011 6:10:36 PM
Transition to phase: PrereqInstallControl 3/21/2011 6:10:36 PM
Microsoft .NET Framework Version 2.0 Redistributable Package (x86) was already installed. 3/21/2011 6:10:36 PM
Microsoft Visual C++ 2005 Redistributable Package (x86) was already installed. 3/21/2011 6:10:36 PM
Microsoft Visual C++ 2005 SP1 Redistributable Package (x86) was already installed. 3/21/2011 6:10:36 PM
"C:\Program Files\Turbine\The Lord of the Rings Online\dx9-2009-8-v3.exe" found. Skipping Microsoft DirectX 9.0 2009.8 Redistributable installation. 3/21/2011 6:10:36 PM
Microsoft DirectX 9.0 2009.8 Redistributable was already installed. 3/21/2011 6:10:36 PM
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End of log file