I had the same problem on Fedora 7 (installed with mt-daapd-0.2.4-2.fc6.mf.i386.rpm)
Could not find what the problem was, at first I thought that the filenames or files where corrupt. and giving the error “Segmentation fault”
The strange thing was that it wasn’t hanging on the same file.
As a test I removed the file /var/cache/mt-daapd/songs.gdb and run mt-daapd -d9 -f again… It is still running…