I've got a clean SD-card that I used to run the previous Makk AIO: same result - endless rebooting. Haven't tried any updates yet... just running off the AIO package in the first post.
Edit: re-formatted (FAT) sdcard and copied the AIO again - still same result (freeze/reboot X logo)
Edit: ran the MJGDroidUtil to update (forced CDMA and all 3 options updated) with same result (freeze/reboot X logo)
Edit: re-formatted (FAT) sdcard and then manually updatd with rootfs-20100511-49df02c.zip from
http://xdandroid.southcape.org/rootfs/ and still same result
Edit: re-formatted sdcard and copied AIO, then manaully copied new rootfs, new initrd, and new zimage - still same result.
Edit: re-format, and hard-built everything with latest everyting
still same result... going to try an older kernel build.