HI Patrick,
I think your problem is that you have multiple DHCP servers on your subnet. I think you need to turn off DHCP on the AEBS, then it should work. At least that's how I've always read the rfc. It's here at
http://www.ietf.org/rfc/rfc2131.txt
One thing to do is to run Terminal and enter
$sudo tcpdump -X -s0 -ien1 'port 67 or 68'
and renew your DHCP lease. Actually, you can skip the -X and -s0 and just use -q and count the packets. 0 packets mean you have a problem with your Mac. 1 packet means you have a problem with one or more servers. Two packets and...well, you should be fine.
AFAIK this is how it's supposed to work. If a DHCP server senses another on the same subnet it's not supposed to respond.