Beta not indexing folders

When I log in, beta says my dropbox is too large for my hdd (true, but was also true for the previous version).  The dialog offers (a) "choose folders to sync"; or (b) "sync everything".  When I select "sync everything" anyway (with "all content starts online only"), beta immediately shows the files in my dir-level dropbox, but none of the folders at all.  Shortly after, beta will say "your files are up to date" despite not showing as indexed the vast majority of my files, which are in folders. 

I have logged out/back in, uninstalled/reinstalled, and rebooted several times each.  I have left dropbox alone for hours in case it was just indexing in the background.  But there are still no folders in my dropbox.  

On installing the beta, I had to delete my dropbox files to redownload, so this was fresh.