I'm having this problem also. I have unistalled both .minecraft and .techniclauncher from appdata, downloaded a fresh copy of the techniclauncher and reinstalled and still have the problem. I also tried downloading Java 7u3 but this has no effect either way.
This only occurs when I run the latest build 6.1.0|1.2.3. The build 6.0.7|1.1 still works with all the mods though they are a little on the old side.
BTW, I am selecting Technic in the upper left hand corner of the launcher not vanilla.
Windows 7 home premium 64bit
Java 7u3
Technic Launcher 0.5.4.8