just installed version 3.0.6 today. this took me awhile to solve, but for some reason i had to change the open_basedir path to...
it was the "/" that was needed to get the install working, otherwise i was getting open_basedir restrictions on wherever required_once was being used eg. main.php
another small thing i noticed, several files within the thirdparty/zend_translate_railsyaml folder had incorrect .ph extensions (had to change to .php
so, have a working installation now, just i figured i would pass this on.