Just installed the latest up-date today. I opened a site (unpublished) to make some changes/additions. When I previewed it, one object was missing that showed up just fine within VSD. Went back to VSD, and the object was gone. What I did next brought up the Improper Argument warning....
The object is an arrow (with link) grouped with a text link on a button. I've got a text box then the grouped link object below the text box and it all sits on top of a rectangle shape. The button link still showed up, but the arrow didn't, even though the bounding box was still the same size as if it were still there. I tried un-grouping the arrow and button, and the arrow re-appeared, then went to Object > move to front. Got the Improper Argument warning while at the same time, all images and graphics disappeared from the page. But unlike before, I could close the warning box. Before panic set in, I tried Edit > undo and got everything back to normal, then deleted the arrow and button. I made another button with text (not with the Buttonizer, just a rectangle with button text) and it works just fine.
Could this be something to do with having a shape on top of another shape? I think at one point the arrow/button bounding box may have been overlapping the rectangle's box. Maybe it's just me

(Windows 7, Home Premium, 32 bit)