I'm getting this problem too. I'm on linux. Tried deleting everything and that didn't help at all. Going to try it out on windows and see if I have any luck there.
Ok just tried it on Windows to and the .exe and the .jar file both refuse to work. Infact the .exe fails even more than the .jar.
I did notice that MineCraft 1.2.3 is out, and I wonder if that is what has broken the latest Technic launcher?