I was just about to reply to this thread with another complaint but I believe I found the issue now.
MBW requires a UDP port to be opened for listening for incoming connections. I am using Hands Off! firewall and I believe that due to the full screen nature of the game, the popup requesting the port be opened was obscured. I checked the rules list and found that there was a DENY rule added for MBW, I changed it to allow for UDP listening and now I can get the cdkey and see the list of multiplayer servers.
Woot!