I had a similar problem, but I realised something was wrong when I got an empty pointer error "player.x", which is used in the old templates. I am using the new templates.

See post HERE

I also just got a new GeForce 6800GT, and I changed some of the shader code to PS3.0 (i.e. changed TEXCOORD2 to TEXCOORD1 in the vertex and pixel shader input STRUCTS, then in the technique two_pass section, I changed

VertexShader = compile vs_2_0 VS_PASS0();
PixelShader = compile ps_2_0 PS_PASS0();

to

VertexShader = compile vs_3_0 VS_PASS0();
PixelShader = compile ps_3_0 PS_PASS0();

I realise this limits potential customers somewhat at the moment, but I wanted to see the effect in all its glory so to speak!!!

Hope this helps some!