I've just installed build 7330 and when I tried to set up the IntelliJ SDK by pointing it at the installation directory (the default treeselection) I was given the popup message
Popup title: "No Java SDK found"
Popup content: "Please, configure Java SDK to be used as IDEA internal platform (1.5 or higher)".
Ditto for trying to define SDKs from earlier builds.
However, if I drop back to an earlier build (7294) I can set up the SDK of 7330 without a problem.