STEP 1:

I just update to TW5 version, I select Flash EXE checkbox only and click on publish.... the result is exactly the same with old FlashVR non-exe version.

STEP 2:

I found this link which explain how to deal with this bug

http://www.easypano.com/forum/display_topic_threads.asp?ForumID=6&TopicID=4941&PagePosition=1....

STEP 3:

Finnaly I've got an exe file with white screen without anything on it.

Any ideea how to fix that?

I create a complete new project under tw5.0 update version (091225) with only one sferical image... no result (white screen only).  

I download a project demo from the website (ep) and after publishing I've got the right result: a working exe file.

I specify these tests, maybe could help to get a fresh ideea of this bug.

Finnaly, I've got the EXE file with 2 conditions:

- in PublishSettings/File name: should be on word only (without blanks!!!).

- in PublishSettings/General: choose "in separate file folders".