For me it definitely crashes, the entire launcher window is blank and I get the Win 7 spinning circle cursor, and a "Illegal Operation" box pops up. All I can do is hit "OK" which closes the launcher. And this is INSTANT as soon as I double click the CF icon. No processes running or anything.
But if I DON'T let it auto update, single player runs fine and the launcher works perfectly. This only happens after the launcher auto update.