I have compiled the HelloCodeModel sample from the downloaded svn sources and it does create the hello.exe file, but the hello.exe file does throw the following exception when executed fro the command line.
Unhandled Exception: System.BadImageFormatException: Could not load file or assembly 'hello.exe' or one of its dependencies. An attempt was made to load a program with an incorrect format.
File name: 'hello.exe'
The HelloIL sample (same program really) runs ok.
When comparing both exe files, using Reflector, it seems that the "broken" one is missing a __Globals__ class as well as a .ctor() statement within the Test class definifion .