I was having the same issue with both v2 & v3 hanging during install.
I did manage to get 2 installed by de-selecting the Gallery and Prontoscripts in the installer, however, of course had no gallery/scripts, although copying those subfolders from my old PC worked.

The main issue then was I was unable to restore "My Database".

I tried the running as administrator and turning off UAC, etc, nothing helped.

I eventually fixed everything by doing the following:

- Manually create the following folders:
C:\ProgramData\Philips\Common Database
C:\ProgramData\Philips\ProntoEdit Professional 2
C:\Program Files (x86)\Philips\ProntoEdit Professional 2

(You can substitute 3 instead of 2, or create both sets)

- Grant "Users : FULL permission to this and all subfolders/files "on the 3 folders created above

- Run the install, everything should install just fine.

I now have both v2 & v3 working :)
Hope this helps someone else.