Couple of things that might help debug your windows problem:
1) If there is a missing DLL *that is required*, the program won't start and Windows will pop up a dialog telling you this. So that enables you to tell whether there are any missign DLL's.
2) When Glade starts, the first thing it does after setting up the logfile is to initialise Python using Py_Initialize. If Python fails to initialise, it will exit with no warning.
3) After that, the app window should show itself and messages will start to be written to the logfile. Do you see the app window, even briefly?
4) It may be worth trying to run from a cmd.exe shell to see if you get any output to the console.
5) When you say 'Python27.dll is the correct one' do you mean dependency walker is showing if finding the one in your installation directory?
6) Are you doing anything other than unzipping the downloaded file, and clicking on the Glade icon? I have not heard of this problem from other users, so it must be something peculiar to your setup.