I have had this on two sites today. Still not fixed.
I cannot load the first page of the site. It just sits there. Admin panel works, and if I preview a post/page it works. Just not the home page.
On closer inspection, after setting the debug option in wp-config.php, I see that its in an endless loop of redirecting to the home page. If I load the first page and it gets 'stuck', I can edit out the redirect on line 897 of the pluggable.php and then it stops the loop.
header("Location: $location", true, $status);
Any ideas on why it would do that? And only on the first page??
PS I am running IIS, PHP5, Windows Server 2003. Latest service packs, etc. I've tried removing all plugins. Only fix so far was to revert to an older version of WP.