The new launcher doesn't work if your on a new account thats in the trial period still. This is the response I got in a little pop up when trying to log in:

Unrecognized response from server. (F TRIAL
)

I was able to select gemstone, its at that point it pops up, then I cannot press the play button. My past-trial account logs in fine.

the workaround is installing lich v4 psinet compatable mode and using the simu launcher. Just a bug report...