It looks like GWT might be launched without some of its resource jars. This is using a recent GWT 1.5 nightly build.
Error: Missing message: compilation_internalError in: org.eclipse.jdt.internal.compiler.messages
Error:at com.google.gwt.core.ext.typeinfo.JMethod.getReadableDeclaration(JMethod.java:132)
Error:at com.google.gwt.core.ext.typeinfo.JMethod.getReadableDeclaration(JMethod.java:58)
Error:at com.google.gwt.user.rebind.rpc.RemoteServiceAsyncValidator.validate(RemoteServiceAsyncValidator.java:200)
Error:at com.google.gwt.user.rebind.rpc.ProxyCreator.create(ProxyCreator.java:120)
Error:at com.google.gwt.user.rebind.rpc.ServiceInterfaceProxyGenerator.generate(ServiceInterfaceProxyGenerator.java:57)
Error:at com.google.gwt.dev.cfg.RuleGenerateWith.realize(RuleGenerateWith.java:43)
Error:at com.google.gwt.dev.shell.StandardRebindOracle$Rebinder.tryRebind(StandardRebindOracle.java:118)
Error:at com.google.gwt.dev.shell.StandardRebindOracle$Rebinder.rebind(StandardRebindOracle.java:63)
Error:at com.google.gwt.dev.shell.StandardRebindOracle.rebind(StandardRebindOracle.java:180)
Error:at com.google.gwt.dev.GWTCompiler$DistillerRebindPermutationOracle.getAllPossibleRebindAnswers(GWTCompiler.java:213)
Error:at com.google.gwt.dev.jdt.WebModeCompilerFrontEnd.doFindAdditionalTypesUsingRebinds(WebModeCompilerFrontEnd.java:105)
Error:at com.google.gwt.dev.jdt.AbstractCompiler$CompilerImpl.process(AbstractCompiler.java:164)
Error:at org.eclipse.jdt.internal.compiler.Compiler.compile(Compiler.java:392)
Error:at com.google.gwt.dev.jdt.AbstractCompiler$CompilerImpl.compile(AbstractCompiler.java:93)
Error:at com.google.gwt.dev.jdt.AbstractCompiler$CompilerImpl.compile(AbstractCompiler.java:194)
Error:at com.google.gwt.dev.jdt.AbstractCompiler$CompilerImpl.access$600(AbstractCompiler.java:79)
Error:at com.google.gwt.dev.jdt.AbstractCompiler.compile(AbstractCompiler.java:528)
Error:at com.google.gwt.dev.jdt.WebModeCompilerFrontEnd.getCompilationUnitDeclarations(WebModeCompilerFrontEnd.java:65)
Error:at com.google.gwt.dev.jjs.JavaToJavaScriptCompiler.<init>(JavaToJavaScriptCompiler.java:248)
Error:at com.google.gwt.dev.GWTCompiler.distill(GWTCompiler.java:383)
Error:at com.google.gwt.dev.GWTCompiler.run(GWTCompiler.java:624)
Error:at com.google.gwt.dev.GWTCompiler.run(GWTCompiler.java:614)
Error:at com.google.gwt.dev.GWTCompiler.main(GWTCompiler.java:232)