I uninstalled the Steelseries Engine 2 software and the install went through for me. So Steelseries users uninstall, reboot, start 8.1 install and you should have some luck. I did not have to uninstall Nvidia drivers, but that may not hurt and I see some people are having success with that.
The Steelseries website is reporting that it is not compatible with Windows 8.1 on the driver downloads page:
SteelSeries Engine for Windows
OS: Win XP, Win Vista, Win 7, Win 8 (ALERT: not compatible with Win 8.1) (32/64 bit bit).
Region: INT. Version: 2.8.0059_01. Released: 2013-10-17
I guess I'll wait for either Microsoft to sort things out with the installer and/or Steelseries to provide a compatible device driver.