sbc,
I keep finding ways that could have screwed it up, but then I wonder how it would have gotten that way. But, if you go to properties on your AmazingCharts.xml file, check your permissions in there. If you don't have something equivalent to domain users such as authenticated users, domain users or everyone, you can't access AC. It didn't give me the error message though.
Also, the actual permissions on the user databases in AC folder, especially AmazingCharts.mdf had to give permissions to all users.
Finally, the databases in the SQL Engine itself comes into play, but that would be highly unlikely to be a problem. I think it grabs all the users for full permissions during install.