Tries to initiate the client but then crashes. 
EDIT:
Tried going back to 0.4.27    -- No luck...So basically updating screwed up my previous installation.
                               0.4.27.2 -- Didn't work  
                               0.5.0      -- Didn't work
                               0.5.1      -- Didn't work
I was able to get it working again by renaming peers.leveldb to peers.leveldb-old for anybody new to the client, the file is located in Users/XXXX/AppData/Roaming/Bitshares/ 
One caveat, getting rid of peers.leveldb will make the client have to sync all over. It will take hours which I suppose is better than not having a client.