The following bug has been logged online:

Bug reference: 2808
Logged by: kindy
Email address: kindy_wu (AT) msn (DOT) com
PostgreSQL version: 8.2.0-1
Operating system: Window 2003 Enterprise Edition SP1(CHS)
Description: setup error
Details:

setup log:
The program "postgres" is needed by initdb but was not found in the
same directory as "E:/postgresql/bin/initdb".
Check your installation.

other:
i found the file "E:/postgresql/bin/initdb.exe" is exist

setup file:
postgresql-8.2.0-1.zip
postgresql-8.2.msi
postgresql-8.2-int.msi
README.TXT

---------------------------(end of broadcast)---------------------------
TIP 9: In versions below 8.0, the planner will ignore your desire to
choose an index scan if your joining column's datatypes do not
match