This highly suggests that we're dealing with a sync issue with the new blockchain. As long as there was old blockchain data to sync, the client was able to start up. After block 386228, that changes.
There are no sync issues, please redownload the chain or use the one supplied in the First Post.
Please use the latest wallet-qt client 2.0.1.
There's nothing special at 386228 block.
Or what comes after it? Or how things are handled after it? It certainly marked a "before and after" in my testing.
Don't take the test results personal. Bugs happen.
As you might imagine, I'm anxiously looking forward to the version's "What's Fixed".