For info:
Just spoke to a guy here who worked on Enterprise Vault when it was the KVS product (a loooong time ago)
He has confirmed that the error I am getting is not an error at all, but a status report telling me that "processes failed to Launch" = None.
i.e. The process has launched successfully
It's just that the way it's worded and the way the alert pops up gives the impression that there is something wrong when there is not!
Duh!!