Exactly the same problem here although my error log says:
Mon May 4 22:26:53 2009, <src/client/sound/pssoundmngr.cpp:219 Setup SEVERE>
Mon May 4 22:26:53 2009, Couldn't find iSoundRender!
Mon May 4 22:26:53 2009, Couldn't create Resource 'sound.standardButtonClick'
Mon May 4 22:26:53 2009, Couldn't create Resource 'gui.toolbar'
Mon May 4 22:26:53 2009, Couldn't create Resource 'gui.cancel'
Mon May 4 22:26:53 2009, Couldn't create Resource 'gui.ok'
Mon May 4 22:26:53 2009, Couldn't create Resource 'gui.scrolldown'
Mon May 4 22:26:53 2009, Couldn't create Resource 'gui.scrollup'
Mon May 4 22:26:53 2009, Couldn't create Resource 'gui.shortcut'
Mon May 4 22:26:53 2009, Couldn't create Resource 'gui.quit'
I have 2Ghz Ubuntu, 100MB Internet hardline, nat router open on 7777 (both) and should have a good enough ATI 2300 i think, its PCIe at least
(all GLX / fglrx acceleration is working).
I have also tried connecting bareback bypassing router and is the same.
It just says waiting for server data.