The log mentioning a few PNG files not being loadable is irrelevant. For several years now. The really relevant reasons why the application crashed are not logged there.
PlaneShift requires OpenGL as 3D graphics API. You should not rely on Microsoft graphic drivers installed by the Windows Installation DVD or Microsoft Update, they implement Direct3D but hardly OpenGL. Instead, install the most recent complete graphic drivers from the manufacturer of your graphic card or from AMD, the manufacturer of the ATI graphic chips.
Furthermore, it may help to disable "Full screen" mode, and select first an aspect ratio and then a resolution which is close to, but below your screen resolution. So you may be able to see better at which stage the initialization fails when the monitor does not need to switch to a full screen mode (which it might not even support if you accidently chose a wrong one).