Just found this thread, having experienced the same problem on a late08 iMac with wireless keyboard and trackpad. Booting with keypad and trackpad OFF appears to solve the problem EXCEPT the console still displays a series of errors:
25/08/12 11:06:03.918 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423[236]) getpwuid("423") failed
25/08/12 11:06:03.918 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423[236]) Job failed to exec(3). Setting up event to tell us when to try again: 3: No such process
25/08/12 11:06:03.918 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423[236]) Job failed to exec(3) for weird reason: 3
25/08/12 11:06:03.920 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423) Job should be able to exec(3) now.
25/08/12 11:06:03.920 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423) Throttling respawn: Will start in 10 seconds
25/08/12 11:06:03.922 AM com.apple.launchd[1]: (com.apple.UserEventAgent-System[11]) Could not find stream/token: com.apple.launchd.helper/5
25/08/12 11:06:03.922 AM UserEventAgent[11]: Could not set XPC event state to true for stream/token: com.apple.launchd.helper/5: 0x3: No such process
25/08/12 11:06:13.923 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423[243]) getpwuid("423") failed
25/08/12 11:06:13.923 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423[243]) Job failed to exec(3). Setting up event to tell us when to try again: 3: No such process
25/08/12 11:06:13.923 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423[243]) Job failed to exec(3) for weird reason: 3
25/08/12 11:06:13.924 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423) Job should be able to exec(3) now.
25/08/12 11:06:13.924 AM com.apple.launchd[1]: (com.apple.launchd.peruser.423) Throttling respawn: Will start in 10 seconds
Is this normal, related, or what?
What now??