OK. I think this deserves a ticket :-)
After further investigation I discovered that FDO do not like database objects with the same name to be part of different schemas.
i.e. if you have table dbo.Asset - it will throw an exception if you also have table audit.Asset or geo.Asset.
Although I cannot confirm as of right now if it is an exception or just a warning, because Maestro give you an option to save dataconnection.
Andrei