I have just downloaded and installed 1.4 and have the same issue. No Menu choices are available for the admin functions. Is there an answer to this issue yet?
This may have something to do with the fact that I'm using 2008 Server. I read in a related forum about adding a handler in web.config (for .axd files) that helped in one case, but it has not yet worked for me.
PS: NOP looks like a very nice solution, but without admin functions it is useless. As many people appear to have this problem it would be good to find a solution soon.
UPDATE: Setting the Application Pool to "Classic .NET AppPool" in IIS-7 has solved this issue on my 2008 Server system.