After deploying a new asp.net web application up to our web farm, on the first load the application seemed to hang for about 20 minutes and then we got the above error in the application log.
Suspecting this might be a problem with the access permissions of the user in the application pool, we temporarily added this user to the local administrators group and restarted the pool. Sure enough the website loaded ok.
After removing this user from the local admins group the website still loaded. Presumably this was due to the fact that the code has now been compiled into CIL and this does not need to be done again until the next release.
Are my presumptions correct and does anyone now to what specific folders the application pool user needs to be granted access?