I haven't seen any other solution so far. For me, when I ran the .exe file, it took about 10 minutes to run. Like you described, it just hangs there. But for me, it eventually worked.

There is another thread here: Vista backup files .fbw?

I created this thread and the solution was given by the poster Troy. He seems to have knowledge about this problem. But so far, the only solution is the one he posted about renaming the files.