OK, my apologies. Apparently I have a copy of PM in both C:\Program Files\Camera Bits\Photo Mechanic\ and "C:\Program Files\Camera Bits\Photo Mechanic 4.5\.
I must have installed Beta 1 without removing 4.5, then uninstalled Beta 1 when I installed Beta 2. Apparently running the original 4.5 when I went back to check it out.
Geez, I feel like an idiot.
OK, I ran the actual Beta 2 (got the trial message and everything) and droplets worked. AND, I can read the whole stationery pad - and sure enough, it stetches horizontally to just short of my 1280 pixel-wide desktop.
SORRY for the confusion Kirk. I'm not a beta-tester, I'm a butthead-tester. :-(