Hyper-V System VM image needs to be fixed. See https://issues.apache.org/jira/browse/CLOUDSTACK-3385
Work around is to update the URL for the image. E.g.
use cloud; update template_view set url='http://10.70.176.29/pub/systemvmtemplate-2013-07-04-master-hyperv.vhd' where name='SystemVM Template (HyperV)';
See '3) Problem' on page https://cwiki.apache.org/confluence/display/CLOUDSTACK/Setting+up+a+CloudStack+dev+environment+on+Windows
In Dev mode, you will have problems on Windows if you don't skip key generation.
Work around is to tell database you're in dev mode. E.g.
use cloud; update configuration set value='false' where name='developer';