This morning I updated my work computer to Snow Leopard 10.6.2. This includes an update of Safari from 4.0.3 to 4.0.4. The newer version of Safari causes the hosted browser to crash with an Invalid memory access.
Theres already an open issue on the GWT issue tracker (from this morning as well), but theres no fix yet.
So I decided to try a nasty workaround:
I replaced the implementation of gcUnprotected(int, int) in LowLevelSaf.java with an empty implementation. A modified version of the gwt-dev.jar can be downloaded from http://www.daniel-kurka.de/gwt-dev-1.7.1-mac-sf-4.0.4-fix.jar