I think i'm experiencing a similar, if not the same problem. I can't get the new client to start, an error message "access violation at 7c9206c3" appears after about 0.5 seconds. I tried to reinstall the 02 client, it started normally, then updated again, with the same result. Today i downloaded the full installation and tried that, also the same behaviour. I tried with/without sound and vertex buffer object def/on/off...
When i was completely out of nerves, i set the "compatibility mode for windows 95" for psclient.exe, not expecting anything different. But it started, with no sound, cryptic squared instead of the "Planeshift Steel Blue 0.4.03" in the title, and the psclient process had to be killed manually after quitting. I don't know which of these strangenesses are caused by the compatibility mode or what exactly this mode does, but maybe that could offer a hint to what's wrong...
any ideas?

P.S. i could offer a crash dump, as it was too early for the error log
sorry, forgot my system: Athlon XP 2600+, Geforce 6600GT with driver version 178.24 (updated about a month ago), Win XP SP2
the error log wasn't even existing after the crash, i guess that logging would have begun later. and when i try to start it in console, nothing happens but the prompt returns after an empty line...