pygy: alright, try redownloading once more, then. This ought to actually fix it (it's rough trying to squash bugs I can't reproduce on my own computer...).
The problem w/ the os x build has something to do with the build of freetype library using @rpath instead of @executable_path in it's dynamic loader stuff. You can reproduce the problem by removing the FreeType.framework from your /Library/Frameworks dir. The current build appears to look in Love.app/../Frameworks for FreeType but that's not the right place. You can actually run love from Love.app/Contents/MacOS and it'll work.
gxjones: trying that, I got old versions of the 0.7.0 release to crash, but the current .zip on bitbucket worked fine for me. Thus, I'm still at a loss as to what pygy's issue is now.
The latest one actually works (without any framework in /Library), I guess I had a previous build cached somewhere.
Meanwhile, I had built it from source, and it was working fine as long as the Typekit framework was in /Library, but not otherwise (launched from the GUI or from the command line).