I had to manually set permissions for /Library/Logs to make them permissive (used sudo chmod 777 /Library/Logs while testing). Using "repair permissions" screws up permissions for me, causing things to stop working. However, even though this enables Postgres to start, it's only a temporary fix and needs to be repeated (at least for me every day). While inconvenient, most of the UI in the Server.app now works for me, although the services themselves are not working properly (e.g. wiki-based calendar, password setting, etc. don't work). I guess we need to wait for an update from Apple, but hopefully this will help you to get a little further.
I have also had the 'Error reading settings' problem in Profile Manager, despite trying everything in the discussions and clean reinstalls (which work for a little while only).
It seems that various different fixes work for some people but not others; and the underlying cause of the problem has not been resolved.
There are now numerous threads on this problem (there are yet others with similar problems):
I have posted this in each to try and pull things together a bit.
Does anyone know if Apple has acknowledged the issue and offered an official response?