The issue appears to be the fact that a web.config in the layouts directory has batch compilation set to false.
I had the same issue. The web.config in C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\12\TEMPLATE\LAYOUTS contained this line:
<compilation batch="false" batchTimeout="600" maxBatchSize="10000" maxBatchGeneratedFileSize="10000" />
The line should read:
<compilation batch="true" batchTimeout="600" maxBatchSize="10000" maxBatchGeneratedFileSize="10000" />
For more information: Fixing the Elusive “Value Cannot Be Null” FBA Authentication Error
UPDATE 11/30/2009: FYI. It appears that this doesn't actually fix the issue, but it appears to expand the time between errors.
Brock
2009-11-13 15:02:29