I've written up a bug report of it here, but this forum looks a lot more vibrant and active, so I'm being crazy and multipost the details here as well:

I've installed the latest 2.1.0 beta, and while it worked just perfectly yesterday, today it doesn't allocate any EMS to the program I've created a VDMS shortcut to.

I've tried to re-create the shortcut, to change the EMS settings, change the XMS settings and so on, but no EMS is being allocated. It actually looks like VDMS isn't launching the application at all, since starting it without VDMS gives it the same amount of XMS and EMS. However, VDMS is launching it, since the application wouldn't have access to Sound Blaster 16 otherwise.

I've even tried VDMS 2.0.4 and to re-install 2.1.0 beta, but nothing works. No EMS is allocated no matter what I do.