After upgrading to WP 3.1 I noticed that my admin dashboard started crashing upon or right after page load.
I found out that it was when a widget tries to use the fetch_feed() function of /wp-includes/class-feed.php.
By manually inserting die(); different places in the code, I found out that the error occurs on this line in the beginning of class-feed.php:
require_once (ABSPATH . WPINC . '/class-simplepie.php');
An inserted die(); breakpoint on the first line of class-simplepie.php doesn't fire, so either it is the require_once function that fails, or else WP has a problem with the whole class-simplepie.php file?!
The string put in require_once echoes to:
C:\xampp\htdocs/wp-includes/class-simplepie.php
... which looks ok to me.