I hate to kill a party here. I noticed that my system has also fallen prey to this bug. The net finally pointed me to JV16 PT 2008 as the likely culprit, then came across this thread.
I also had this entry in my registry, deleted the entry, rebooted, and found that the event logger worked again...but the joy was short lived, and I again face the same issue (basically, went to bed after seeing the event viewer start up, rebooted in the morning only to find that the problem is still/again there).
I checked the registry, and the key Tullik found is no longer there. I downloaded the 455 build, ctrl/shift Debug and clicked to fix the entries, rebooted, and the problem is still there. I tried to restore, only to find I do not actually have the relevant restore points. To add insult to injury: I tried to restore an image (from Driveimage XML), and that failed as well...so, not a happy trooper right now :
So, the question I have is whether there is still some chance in solving this, or whether I have to bite the bullet and rebuild?