I'm going to look into compiling this experimental bootstate in the near future, see if I can get it to work. In the meantime, I appreciate everyone's informative posts in this thread, keep it up and such.

jvollmann, you compiled it for armel right? Because one of your output posts suggests you had scratchbox pointed at the x86 target. Different processor architectures use different binaries. (x86 is what most desktop computers have on board, most mobile devices are the armel architecture.)

If you put the for-x86-compiled binary into the N900 it simply wouldn't work, which might explain why you got the errors you got.