Just updated to the new version available, tried 0.7 and 0.7.1 as well, both returned this error.
[18:29:30] [INFO] MCLauncher.syncAssets:278: Syncing Assets:
[18:29:30] [INFO] MCLauncher.launchMinecraft:83: Java Path: C:\Program Files\Java\jre7\bin\javaw.exe
[18:29:30] [INFO]...