Installed today successfully on three machines and unsuccessfully on a 4th Mac, all running 10.10.2.
Got this error message on the unsuccessful Mac after entering in my user name and password and then creating the folder for OneDrive.
As for the bug, I've discovered that the Men Bar icon is not "Dark Mode" compliant in Yosemite. Even though it is in the menu bar, you can't see it because it remains black against black. You can still click on the spot where it's supposed to be and access it, though.