I was using 1.2.78 but upgrade to 1.2.79 made no difference...
However - I just tried to log in to phpMyadmin using the user being created during the slave creation, but failed! Then I logged in as root, and noticed something I had not noticed earlier.
It turns out that the user being created during slave dreation, gets the servers public ip set in the hostfield. So I just tried to change this to "localhost" instead - and voila, then I could log in and create tables etc. in the database.
So - is there any place I could change this, so that the hostfield on the user is set to "localhost" instead of the servers public ip? I think this might solve my problem!
Cheers,
Zorroson