I got mine working.  PostgreSQL service account's password was expired. So I updated a new password and made the account password never expires.  I also update the new password in the PostgreSQL service and restarted the service  and  it came up.  FM is now working fine...  jimkunysz,  Same might have happened to you as well.  for PostgreSQL  account name is postgres. I am not aware what the account name for Oracle.
 we have FM with 4.1 installed.  when I try to open FM. it taking lot of time to pop up the login window, generally it comes fast.  and when I try to login with my usal password it gives me this  unable to connect to server!  admin login from local host failed.  i have installed FM on a local host and its win2k3 box.  i heard someone saying it’s the issue with PostgreSQL but I have no clue.
unable to connect to server! Fabric Manager