Obviously, I disagree with moonlight's choice of startup screen in an otherwise brilliant piece of software, particularly since it's simply false (the directory is there and there actually is no error even though it clearly indicates otherwise).
Anyway...I won't argue the point further, but suffice it to say that in my opinion a proper "loading..." screen would have made a lot more sense. Do an internet search on "moonshell error" and see just how many people are as confused as I am about it.
-Bri