I apologise if you have done this already, but it is important to check that you have installed, patched and updated the game in this exact order.

Just to be safe, follow these steps, regardless of what you have already done:
1. Uninstall Planeshift and delete the folder it created in Program Files (by default it will be in C:\Program Files\PlaneShift)
2. Install from the setup file. Once it is installed,
do not update yet.
3. Reboot.
4. Download and apply the patch:
http://66.111.255.12/~psmirror/015patch.zip5. Now you may run the Updater.
Please do this and then let us know if you are still having problems. It would be a great help to us if you give us your system specs, including your OS.