Here is a tidbit I found on msdn. The article is from Dr. GUI - you can see the whole thing at:
[Link: msdn.microsoft.com]
One last point is your version of comcat.dll. The 5.0 version shipped with Microsoft Internet Explorer and is fine for use with Visual Basic. But this could get sticky for deployment, because neither Visual Basic 5.0 Application Setup Wizard nor Visual Basic 6.0 Package and Deployment Wizard can correctly register the 5.0 version of Comcat.dll. Users who've installed Internet Explorer will be fine.
That makes me think it is your newer version of comcat having the problem. Also, it could be that your comcat and OLE dll's are not matched up - as they require compatible DLL's. I think we are on to something here!
Bryan