Hi there Bane,
I’ve recently installed the trial and everything seems to be working OK (on windows 7 x64) do you have the eLicenser control center installed? As far as I remember I just installed the demo ‘.exe’ and it automatically added itself to the eLicenser utility as a ‘Soft eLicense’ (Sel) which is tied to the operating system and hardware (as opposed to appearing on my Steinberg dongle which I’m using for Cubase 7).
I don’t recall having to activate it to use it (its automatic as far as I remember). I would imagine the activation step is only necessary once you have purchased the full version online in which case I presume you would be able to register the product in ‘mySteinberg’ and retrieve an activation code then add it within the eLicenser utility by just clicking ‘enter activation code’.
I just checked the documentation (ReadMe.PDF) that is installed when you run the .exe and it confirms this:
License activation
To permanently activate your copy of the VST Instrument,
you require the license activation number which you can find
in the email you received on purchasing the set.
So it should all be good to go, let us know if you manage to get it working ok - its pretty cool and addictive! 
EDIT:
PS - I just recognized this thread which is recent and could be relevant to the issue(s) your having as it mentions that sometimes you have to “manually activate the trial period” within the eLicenser Control Center: