Everyone, I don't have an update but I might be able to help. I was using Defraggler to defragment target files, it was working normally. I then decided to further clean up my Windows 7 Pro (64-bit) PC by removing the Hiberfil.sys (using an administrative command prompt typing "powercfg.exe -h off").
I restarted Defraggler to analyse the new drive state and... no ability to analyse. I can find and defrag individual files, however.
Strangely, all drives are not analysable, even separate physical disks.
OK, even more information. After a second restart to install Windows Updates, it now works again. Maybe Windows system file management interacts with Defraggler in an odd way?