Ok, time to enter the Twilight Zone!!
I do not understand this, but I got it working.
By moving the application from one directory to another directory (on same drive letter), it causes Oracle.DataAccess to stop giving an error.
The first impression of this being an LLBL issue was because my non-llbl test app was sitting in an entirely different directory, working nicely.
If i place the non-llbl app in the adjacent directory of the llbl app, it gave same error.
Whether this is because of the midas touch of mine when it comes to Oracle, or that fact that this is ODP.NET beta x64, I don't know.
Thanks for the input guys.