After some trial and error I got to that stage also (using 3.4.0 now with old drivers deleted and so forth). I've gone a bit farther in an attempt to pin things down. I disconnected both my hubs, and used only a single block erupter plugged directly into a casefront USB socket. My list of USB devices now shows only that single device which I had renamed to "Block Erupter" using the edit function in Zadig.

After reboots and appropriate waits, I get the same kind of error some of us have been getting with hubs, namely this kind of thing "open device failed, err -12, you need to install a WinUSB driver for...". This is after installing a WinUSB driver as shown in bitcoinsucker1's post.

If I run just cgminer it will find my graphics card as expected and start mining with it, while also producing the error message for the Erupter. If I run cgminer-nogpu it produces only the error message. With multiple Erupters it produces multiple similar error messages.

I'm still digging, but that's what I know so far - it's not a hub or multiple Erupter issue, and 3.4.0 finds my graphics card (anyone remember them for mining?) without any fuss.

Edit: It's getting interesting. The single erupter was plugged in to a USB 3.0 port on the front of my machine. CGMiner was giving "error -12" messages. I added a second erupter on a USB 2.0 port also on the front of the machine and it started mining right away. CGMiner was running throughout, so it recognized the hot-plugged second erupter. The "error -12" messages continued. I pulled out the original erupter but the messages did not stop. I plugged that erupter into another USB 2.0 port and it started mining after a brief delay. So at the moment my miners work with CGMiner on USB 2.0 ports but not on a USB 3.0 port (which used to be connected to a hub that worked with miners on 3.1.1). The error -12 messages keep coming though. More testing soon - getting closer.