Hi Julien,
I have tried all of the above, all successful apart from the last password set:
------ In-memory logs end --------
2014-01-06T11:11:45.461Z [07208 panic 'Default'] Section for VMware VirtualCente
r, pid=7596, version=5.1.0, build=1235232, option=Release
-->
c:\Program Files\VMware\Infrastructure\VirtualCenter Server>vpxd.exe -p 123456
------ In-memory logs start --------
mem> 2014-01-06T11:14:27.204Z [09120 info 'Hooks'] Hooks Initialized
------ In-memory logs end --------
2014-01-06T11:14:27.219Z [09120 info 'Default'] Logging uses fast path: true
2014-01-06T11:14:27.219Z [09120 info 'Default'] Handling bora/lib logs with VmaCore facilities
2014-01-06T11:14:27.219Z [09120 info 'Default'] Initialized channel manager
2014-01-06T11:14:27.235Z [09120 info 'Default'] Current working directory: c:\Program Files\VMware\Infrastructure\VirtualCenter Server
2014-01-06T11:14:27.235Z [09120 info 'Default'] ThreadPool windowsStackImmediateCommit = true
2014-01-06T11:14:27.235Z [09120 info 'ThreadPool'] Thread enlisted
2014-01-06T11:14:27.235Z [09120 info 'Default'] Log path: C:\ProgramData\VMware\VMware VirtualCenter\Logs
2014-01-06T11:14:27.235Z [09120 info 'Default'] Initializing SSL
2014-01-06T11:14:28.264Z [09120 info 'Default'] Vmacore::InitSSL: handshakeTimeoutUs = 120000000
2014-01-06T11:14:28.264Z [07128 info 'ThreadPool'] Thread enlisted
2014-01-06T11:14:28.264Z [09120 info 'Libs'] W32Util_RegisterEventLog: Could not open registry key. Error 0.
2014-01-06T11:14:28.264Z [09120 warning 'Libs'] Failed to initialize event source for VMware VirtualCenter Server.
2014-01-06T11:14:34.083Z [09120 info 'Default'] CoreDump: Writing minidump
2014-01-06T11:14:34.302Z [09120 panic 'Default']
-->
--> Panic: Failed to do early initialization.
--> Backtrace:
--> backtrace[00] rip 000000018018aafa
--> backtrace[01] rip 0000000180102568
--> backtrace[02] rip 00000001801038de
--> backtrace[03] rip 00000001801a08af
--> backtrace[04] rip 00000001801a0a0c
--> backtrace[05] rip 000000018009a4c3
--> backtrace[06] rip 0000000140cecc6c
--> backtrace[07] rip 0000000140ced2df
--> backtrace[08] rip 00000001413de082
--> backtrace[09] rip 00000000770d652d
--> backtrace[10] rip 000000007730c541
-->
2014-01-06T11:14:34.317Z [09120 panic 'Default'] (Log recursion level 2) Failed to do early initialization.
------ In-memory logs start --------
mem> 2014-01-06T11:14:27.204Z [09120 info 'Hooks'] Hooks Initialized
mem> 2014-01-06T11:14:27.219Z [09120 info 'Default'] Section for VMware VirtualCenter, pid=7368, version=5.1.0, build=1235232, option=Release
mem> -->
mem> 2014-01-06T11:14:27.219Z [09120 info 'Default'] Logging uses fast path: true
mem> 2014-01-06T11:14:27.219Z [09120 info 'Default'] Handling bora/lib logs with VmaCore facilities
mem> 2014-01-06T11:14:27.219Z [09120 info 'Default'] Initialized channel manager
mem> 2014-01-06T11:14:27.235Z [09120 info 'Default'] Current working directory: c:\Program Files\VMware\Infrastructure\VirtualCenter Server
mem> 2014-01-06T11:14:27.235Z [09120 verbose 'ThreadPool'] TaskMax=90, IoMin=1, IoMax=181
mem> 2014-01-06T11:14:27.235Z [09120 info 'Default'] ThreadPool windowsStackImmediateCommit = true
mem> 2014-01-06T11:14:27.235Z [09120 info 'ThreadPool'] Thread enlisted
mem> 2014-01-06T11:14:27.235Z [09120 info 'Default'] Log path: C:\ProgramData\VMware\VMware VirtualCenter\Logs
mem> 2014-01-06T11:14:27.235Z [09120 info 'Default'] Initializing SSL
mem> 2014-01-06T11:14:28.264Z [09120 info 'Default'] Vmacore::InitSSL: handshakeTimeoutUs = 120000000
mem> 2014-01-06T11:14:28.264Z [07128 info 'ThreadPool'] Thread enlisted
mem> 2014-01-06T11:14:28.264Z [09120 info 'Libs'] W32Util_RegisterEventLog: Could not open registry key. Error 0.
mem> 2014-01-06T11:14:28.264Z [09120 warning 'Libs'] Failed to initialize event source for VMware VirtualCenter Server.
mem> 2014-01-06T11:14:34.317Z [09120 panic 'Default'] (Log recursion level 2) Failed to do early initialization.
------ In-memory logs end --------
2014-01-06T11:14:34.317Z [09120 panic 'Default'] Section for VMware VirtualCenter, pid=7368, version=5.1.0, build=1235232, option=Release
-->
c:\Program Files\VMware\Infrastructure\VirtualCenter Server>