I did (reinstall) Redistributable update 3 (since I already had it) and repaired. (I did this for both the x86 and x64 versions) After no success I reluctantly restarted, no effect.
I then downloaded update 1 (The recommended dependency) hoping that would be up to the programs fancy, it was not. I Installed and repaired both the x64 and x86 versions. That did not work. So i reluctantly restarted and tried it once more. I got the same damn error message.
The reason why i'm posting here is because at this point i'm desperately convinced this is not me but a bug within the launcher itself.
EDIT As suggested by one of my friends i'm here to post my background before this error. Last weekend (because i'm to busy to play during the week) the game worked just fine. I go to boot it up last night and that's when I get the error. Here's my update history, going as far back as a week and a half.
Now, I noticed around the timestamp of 8/23 I installed an update for Visual studio, (Could be the problem) but the fact that I uninstalled it then reinstalled it multiple times with different versions makes me think thats not the problem.
Hope that helps a bit,