This just happened to me too. Wanted to restore something and found out that all my system files were somehow excluded using the ExcludeByPath array.
Going through my backups the system files were excluded somewhere in January. Considering the modifications of /var/db/receipts I had installed the following in the time period where the change happened:
Sony Reader
HP Printer Driver Update (Software Update)
AirPort Utility update (Software Update)
RAWCameraUpdate4 (Software Update)
iTunes update (Software Update)
RC Mini Racers (Appstore)
Text Wrangler update (Appstore)
SizzlingKeys update (Appstore)
SolarWalk update (Appstore)
GrowlTunes update (Appstore)
Transmission (In-app update)
I would like to compare this list of installed items to other victims of this bug. Just go through your Time Machine backups to find out where it went wrong and check /var/db/receipts for installed stuff in the time period from the last complete backup to the one without system files.
I also saw that I had a HUGE list in the IncludeByPath array filled with direct paths to files in download folders, even to disks that were excluded.
I trashed com.apple.TimeMachine.plist and re-added my own exclusions and all is well again.
Very strange. Luckily I found out in time. Time to check my other computers...