Aloha all,

I pulled the latest org-mode this morning and got an error starting emacs afterwards that appears to be tied to org-babel-load-file.  

I ran git bisect and ended up here:

131441dbd2d16e92f863864ed536f37fcd4a85fc is first bad commit
commit 131441dbd2d16e92f863864ed536f37fcd4a85fc
Author: Eric Schulte <schulte.eric@gmail.com>
Date:   Thu Feb 4 09:43:11 2010 -0700

    babel: load-file works for symlinks -- Thanks to Martin K√ºhl

:040000 040000 b4e1b1d95a9c1bfd182ad3a834830c4494566679 7ae93fe06479799b0d7dc233caa00ddfd6daec3a M      contrib

The backtrace from starting emacs with --debug-init follows:

Debugger entered--Lisp error: (wrong-type-argument number-or-marker-p nil)
  time-subtract((19311 14612 450479) nil)
  (time-to-seconds (time-subtract (current-time) (sixth ...)))
  (catch (quote --cl-block-age--) (time-to-seconds (time-subtract ... ...)))
  (cl-block-wrapper (catch (quote --cl-block-age--) (time-to-seconds ...)))
  (block age (time-to-seconds (time-subtract ... ...)))
  age("td.org")
  (> (age file) (age exported-file))
  (and (file-exists-p exported-file) (> (age file) (age exported-file)))
  (if (and (file-exists-p exported-file) (> ... ...)) nil (org-babel-tangle-file file base-name "emacs-lisp"))
  (unless (and (file-exists-p exported-file) (> ... ...)) (org-babel-tangle-file file base-name "emacs-lisp"))
  (let* ((base-name ...) (exported-file ...)) (unless (and ... ...) (org-babel-tangle-file file base-name "emacs-lisp")) (load-file exported-file) (message "loaded %s" exported-file))
  (progn (fset (quote age) (function* ...)) (let* (... ...) (unless ... ...) (load-file exported-file) (message "loaded %s" exported-file)))
  (unwind-protect (progn (fset ... ...) (let* ... ... ... ...)) (if --cl-letf-bound-- (fset ... --cl-letf-save--) (fmakunbound ...)))
  (let* ((--cl-letf-bound-- ...) (--cl-letf-save-- ...)) (unwind-protect (progn ... ...) (if --cl-letf-bound-- ... ...)))
  (letf ((... ...)) (let* (... ...) (unless ... ...) (load-file exported-file) (message "loaded %s" exported-file)))
  (letf* ((... ...)) (let* (... ...) (unless ... ...) (load-file exported-file) (message "loaded %s" exported-file)))
  (flet ((age ... ...)) (let* (... ...) (unless ... ...) (load-file exported-file) (message "loaded %s" exported-file)))
  org-babel-load-file("td.org")
  mapc(org-babel-load-file ("td.org"))
  (let ((default-directory user-specific-dir)) (mapc (function load) (directory-files user-specific-dir nil ".*el$")) (mapc (function org-babel-load-file) (directory-files user-specific-dir nil ".*org$")))
  (progn (let (...) (mapc ... ...) (mapc ... ...)))
  (if (file-exists-p user-specific-dir) (progn (let ... ... ...)))
  (when (file-exists-p user-specific-dir) (let (...) (mapc ... ...) (mapc ... ...)))
  eval-buffer(#<buffer  *load*<2>> nil "/Users/dk/.emacs.d/starter-kit.el" nil t)  ; Reading at buffer position 6504
  load-with-code-conversion("/Users/dk/.emacs.d/starter-kit.el" "/Users/dk/.emacs.d/starter-kit.el" nil nil)
  load("/Users/dk/.emacs.d/starter-kit.el" nil nil t)
  load-file("/Users/dk/.emacs.d/starter-kit.el")
  (let* ((base-name ...) (exported-file ...)) (unless (and ... ...) (org-babel-tangle-file file base-name "emacs-lisp")) (load-file exported-file) (message "loaded %s" exported-file))
  (progn (fset (quote age) (function* ...)) (let* (... ...) (unless ... ...) (load-file exported-file) (message "loaded %s" exported-file)))
  (unwind-protect (progn (fset ... ...) (let* ... ... ... ...)) (if --cl-letf-bound-- (fset ... --cl-letf-save--) (fmakunbound ...)))
  (let* ((--cl-letf-bound-- ...) (--cl-letf-save-- ...)) (unwind-protect (progn ... ...) (if --cl-letf-bound-- ... ...)))
  (letf ((... ...)) (let* (... ...) (unless ... ...) (load-file exported-file) (message "loaded %s" exported-file)))
  (letf* ((... ...)) (let* (... ...) (unless ... ...) (load-file exported-file) (message "loaded %s" exported-file)))
  (flet ((age ... ...)) (let* (... ...) (unless ... ...) (load-file exported-file) (message "loaded %s" exported-file)))
  org-babel-load-file("/Users/dk/.emacs.d/starter-kit.org")
  eval-buffer(#<buffer  *load*> nil "/Users/dk/.emacs.d/init.el" nil t)  ; Reading at buffer position 884
  load-with-code-conversion("/Users/dk/.emacs.d/init.el" "/Users/dk/.emacs.d/init.el" t t)
  load("/Users/dk/.emacs.d/init" t t)
  #[nil "\205\264 \306=\203\307\310Q\2027 \311=\2033\312\307\313\314#\203#\315\2027\312\307\313\316#\203/\317\2027\315\2027\307\320Q\321\322\n\321\211#\210 \321=\203_\323\324\325\307\326Q!\"\322\f\321\211#\210 \321=\203^\n) \203\244\327 !\330\232\203\244\331 !\211\332P\"\333\"!\203\200\"\202\213\333
!\203\212
\202\213\313\211\203\243\334
\"\203\241\335\336
#\210\337\340!\210
*#?\205\263\313$\322\341\321\211#))\207" [init-file-user system-type user-init-file-1 user-init-file otherfile source ms-dos "~" "/_emacs" windows-nt directory-files nil "^\\.emacs\\(\\.elc?\\)?$" "~/.emacs" "^_emacs\\(\\.elc?\\)?$" "~/_emacs" "/.emacs" t load expand-file-name "init" file-name-as-directory "/.emacs.d" file-name-extension "elc" file-name-sans-extension ".el" file-exists-p file-newer-than-file-p message "Warning: %s is newer than %s" sit-for 1 "default" alt inhibit-default-init inhibit-startup-screen] 7]()
  command-line()
  normal-top-level()

hth,
Tom