Hi Edward,
Well, I've solved the problem in my own case, but I'm none the wiser as to the real cause and I don't think I've got any ideas how to help you with yours. I'll describe my situation below in case it gives any wiser minds a clue as to the problem or the commonalities between our set ups.
Here's a selection of the Console error messages that may offer some clues:
12/08/2012 19:32:32.932 System Preferences[3261]: Attempted search for modules of unknown type (4)
12/08/2012 19:33:19.380 System Preferences[3261]: httpdEnabled is deprecated !!
12/08/2012 19:33:35.628 coreservicesd[78]: Application App:"System Preferences" [ 0x0/0x233233] @ 0x0x7facc2e98bd0 tried to be brought forward, but isn't in fPermittedFrontASNs ( ( ASN:0x0-0x237237:) ), so denying.
12/08/2012 19:33:35.634 WindowServer[110]: [cps/setfront] Failed setting the front application to System Preferences, psn 0x0-0x233233, securitySessionID=0x186a4, err=-13066
12/08/2012 19:33:37.686 System Preferences[3261]: httpdEnabled is deprecated !!
12/08/2012 19:34:09.832 System Preferences[3261]: httpdEnabled is deprecated !!
13/08/2012 00:24:42.199 System Preferences[4092]: Attempted search for modules of unknown type (4)
13/08/2012 00:24:45.907 System Preferences[4092]: *** WARNING: -[NSImage compositeToPoint:operation:] is deprecated in MacOSX 10.8 and later. Please use -[NSImage drawAtPoint:fromRect:operation:fraction:] instead.
13/08/2012 00:24:45.907 System Preferences[4092]: *** WARNING: -[NSImage compositeToPoint:fromRect:operation:] is deprecated in MacOSX 10.8 and later. Please use -[NSImage drawAtPoint:fromRect:operation:fraction:] instead.
13/08/2012 00:25:02.982 System Preferences[4221]: *** WARNING: -[NSImage compositeToPoint:operation:] is deprecated in MacOSX 10.8 and later. Please use -[NSImage drawAtPoint:fromRect:operation:fraction:] instead.
13/08/2012 00:25:02.983 System Preferences[4221]: *** WARNING: -[NSImage compositeToPoint:fromRect:operation:] is deprecated in MacOSX 10.8 and later. Please use -[NSImage drawAtPoint:fromRect:operation:fraction:] instead.
13/08/2012 00:26:21.327 System Preferences[4248]: *** WARNING: -[NSImage compositeToPoint:operation:] is deprecated in MacOSX 10.8 and later. Please use -[NSImage drawAtPoint:fromRect:operation:fraction:] instead.
13/08/2012 00:26:21.328 System Preferences[4248]: *** WARNING: -[NSImage compositeToPoint:fromRect:operation:] is deprecated in MacOSX 10.8 and later. Please use -[NSImage drawAtPoint:fromRect:operation:fraction:] instead.
13/08/2012 00:29:09.827 System Preferences[4282]: *** WARNING: -[NSImage compositeToPoint:operation:] is deprecated in MacOSX 10.8 and later. Please use -[NSImage drawAtPoint:fromRect:operation:fraction:] instead.
13/08/2012 00:29:09.827 System Preferences[4282]: *** WARNING: -[NSImage compositeToPoint:fromRect:operation:] is deprecated in MacOSX 10.8 and later. Please use -[NSImage drawAtPoint:fromRect:operation:fraction:] instead.
13/08/2012 00:30:00.913 System Preferences[4282]: Attempted search for modules of unknown type (4)
13/08/2012 00:30:10.303 System Preferences[4282]: **** DesktopPref error: DSKiPhotoRootSource -loadData TIME OUT!!! There something wrong with iLife Media Browser
What was happening with me was that I kept getting a request everytime I clicked on the 'Desktop & Screensaver' pref to unlock the encrypted home user account on another disk. If I ignored that request (neither accept nor cancel), I'd get the 'loading' error you report. If I accepted it, everything was fine.
I ran a terminal command which lets me see what files were open on that disk both when I did and didn't accept the request. Though it showed some activity in the System libraries on that disk when I accepted the request (odd in itself), it never showed any activity in the encrypted home user account. Highly mysterious.
Seeing as I had that internal disk backed up on another physically disconnected disk, I thought I'd experiment and see what happened if I erased it. Incredibly, Sys Prefs started behaving normally!
I'll keep an eye on this thread to see if any more info comes to light, but right now I'm as stumped as you are. 😟