I just found a quick and easy way to fix this issue for a non Jailbroken phone.
I ran into this issue on my iPhone 4 after applying iPhone configuration made by the iPhone configuration utility. I would open settings/General and it would crash and take me back to the home screen. So, this fix is most likely only for those of you who have run into this issue after playing with iPhone configurations made by the iPhone configuration utility.
Never been jailbroken. No need to roll back to a previous iOS.
Here are the steps
1. Hook up your phone to iTunes and take a backup (yes, a backup of your currently broken phone)
2. Make a second copy of this backup just in case.
3. Download the iTunes backup Bot from here,
http://www.icopybot.com/itunes-backup-manager.htm
4. Run this utility it and it will show the contents of your iPhone backup.
6. Look for the file in the path “Library/ConfigurationProfiles/PayloadManifest.plist”
5. Follow the directions given by Echo-64 earlier in this thread.
Open up the payloadManifest.plist file and look for a line like this
<array>
<string></string>
</array>
For me, I had an iPhone configuration made by "good" (a business iPhone management utility) between the two <string>s.
Deleting the entire line of <string></string> fixed my problem.
6. Save the file.
7. In iTunes, restore your phone from the backup you just created in step 1.
Good Luck!