I've just got latest 29.0.1795.60 installed as "stand-alone installation" to e.g. "z:\opera" from current user (not admin) named "u".
Then z:\opera\launcher.exe was manually launched - ok.
Then I switched to another user, it doesn't matter admin or guest. Trying to launch as previous user thru runas command:
Opera permanently starting with "no memory" message.