I also bough LG BH08LS20 from Best Buy and this my second one, first one didn't work (software came with the drive couldn't recognize the drive kept saying, "This software can only be installed with a LG(HLDS) device." ) Called LG technical support, they told me that disk is bad so I went to Best Buy and replaced the drive, it had newer version of the software but that one also saying the same message.
Drive works fine with the trial software I just con't install the bundle software.
Im having the exact same problem with my drive, have you been able to solve this problem? Running Visa 64bit
Also, tried installing Cyberlink updates from their site i get similar error and software will not install. Vista recognizes it as well as Adobe Encore.... If i don't find solution i will return drive to BestBuy as well.