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Hi there, as I've just sorted this out then I will disperse my knowlesge (maybe submit a patch later)

Anyway the issue is that with recent php versions, the sql syntax for datetime cannot any longer be 'default now()', If you replace every instance of this with 0 it will install. Though not an ideal solution but it will just work.
I'll look into a replacement for it sometime soon and submit a full patch, but probably not for a while.

You'll find the files in installer/lib/sql/install/mysql/account.sql.php