While stepping through an ArcObjects ActiveX DLL project in the Visual Basic 6 debugger, opening a workspace displays the following error message:
"IWorkspaceFactory::Open, IWorkspaceFactory::OpenFromFile or
IWorkspaceFactory2::OpenFromString throw error -2147220952 (80040228) "License not initialized" or -2147467259 (80004005) "Unspecified error"."
The same code runs fine outside the debugger.
This is due to the way the Visual Basic 6 in-process debugger interacts with ArcGIS 9.2 and its licensing mechanism.