I upgraded ASDM from 6.4.(5)106 to 6.4(5)204 and the launcher broke.  Running it as a web app still worked though, so I figured it had to do with the way the shortcut was setup.  Here’s a comparison of the two:

106:

C:\Windows\SysWOW64\javaw.exe -Xms64m -Xmx512m -Dsun.swing.enableImprovedDragGesture=true -classpath lzma.jar;jploader.jar;asdm-launcher.jar;retroweaver-rt-2.0.jar com.cisco.launcher.Launcher

204:

"C:\Program Files (x86)\Cisco Systems\ASDM\asdm-launcher.jar" -Xms64m -Xmx512m -Dsun.swing.enableImprovedDragGesture=true -classpath lzma.jar;jploader.jar;asdm-launcher.jar;retroweaver-rt-2.0.jar

I changed the shortcut back to the old format and it worked.