Several users have reported problems running initdb with recent binary
versions of the binaries. Luckily, I have been able to reproduce this
issue. I haven't tracked down the problem yet, but I pulled down the
7/21 version from cvs and this seems to work ok. I'll put this version
up on the binary site (not the installer) for the next couple of days.
If you've been having trouble try grabbing the version from here:
http://www.hagander.net/pgsql/win32snap/postgres_win32_7.5_devel.zip
instructions here:
http://www.hagander.net/pgsql/win32snap/
Note: this version was compiled on gcc 3.4.1 (it compiles much, much
faster). Consider super-alpha. YMMV
Merlin