I just recently downloaded 4.0b2. After installing, I tried to run a defrag. After the analyzing phase, the window vanished. I looked in the log file, and this is what I saw (I removed the GUID's from the volume names, just for paranoia):
11:44:45 Starting VolumeBoolean for 'A:' ('\\?\Volume{<removedGUID>}').
11:44:45 Volume medium is removable.
11:44:45 Finished VolumeBoolean: FALSE
11:44:45 Starting VolumeBoolean for 'C:' ('\\?\Volume{<removedGUID>}').
11:44:45 Volume medium is not removable.
11:44:45 Volume is writable.
11:44:45 Volume is mounted.
11:44:45 Finished VolumeBoolean: TRUE
11:44:45 Testing if volume 'C:\' is hybernated.
11:44:45 No, not hybernated.
11:44:45 Starting VolumeActions.
11:44:45 Starting to analyze volume 'C:' (\\?\Volume{2e80d263-d2b0-11dd-9991-806d6172696f})
11:44:45 This is not an NTFS disk (different cookie).
11:44:45 This is a FAT32 disk.
11:44:45 OEMName: MSWIN4.1
11:44:45 BytesPerSector: 512
11:44:45 TotalSectors: 54588807
11:44:45 SectorsPerCluster: 8
11:44:45 RootDirSectors: 0
11:44:45 FATSz: 53206
11:44:45 FirstDataSector: 106450
11:44:45 DataSec: 54482357
11:44:45 CountofClusters: 6810294
11:44:45 ReservedSectors: 38
11:44:45 NumberFATs: 2
11:44:45 RootEntriesCount: 0
11:44:45 MediaType: F8
11:44:45 SectorsPerTrack: 63
11:44:45 NumberOfHeads: 255
11:44:45 HiddenSectors: 63
11:44:45 FATSz32: 53206
11:44:45 ExtFlags: 0
11:44:45 FSVer: 0
11:44:45 RootClus: 16766
11:44:45 FSInfo: 1
11:44:45 BkBootSec: 6
11:44:45 DrvNum: 128
11:44:45 BootSig: 41
11:44:45 VolID: 1029611063
11:44:45 VolLab: BASE 98
11:44:45 FilSysType: FAT32
11:46:42 Loading list of unmovable files from: Q:\util\MyDefrag\MyDefrag.dat
11:46:42 Loading file into memory: Q:\util\MyDefrag\MyDefrag.dat
11:46:42 Could not open handle: [2] The system cannot find the file specified.
11:46:42 [0] The operation completed successfully.
Apparently there's supposed to be a list of unmovable files, that wasn't installed?