I saw a few posts of this error on the site but none of them related to my issue. I finally got my problem fixed and thought I'd share it here in case anybody else has the same problem.
I have a VB.NET application that has a MapPoint control embeded in a form. The control has been working with most maps but suddently quit working and gave me an unhandled exception telling me that it was out of memory and that "mappoint failed to load". I went on rabbit trails for hours; I finally figured out that the problem was that the map it was trying to load was a MP2002 map, not MP2004.
It would have been nice if had told me what the error really was... but once I finally figured it out and updated the map to MP2004, the application works fine.
For what it's worth...