Okay, more details on this problem. It seems to be related to my USB CompactFlash reader. I re-installed the system from DVD-ROM and if I don't have a CF card in the reader, everything seems to go fine and I don't have this error. However, I my compact flash reader no longer has an entry in fstab and it doesn't seem to work anymore.
If I re-install the system with this card installed, then I have this symptom of the "kfmclient openProfile filemanagement" hanging.
Since, I would like my CompactFlash reader and my KDE Home icon to work, I tried to do more diagnosing. There is nothing in the /var/log/messages file, but there is an entry in my .xsession-errors file:
kdecore (KAction): WARNING: KActionCollection::KActionCollection( QObject *parent, const char *name, KInstance *instance )
X Error: BadWindow (invalid Window parameter) 3
Major opcode: 20
Minor opcode: 0
Resource id: 0x1c01a86
ALSA lib pcm_hw.c:549
snd_pcm_hw_start) SNDRV_PCM_IOCTL_START failed: Broken pipe
DCOP aborting while waiting for answer from 'kded'
DCOP aborting while waiting for answer from 'konqueror-10187'
Hopefully, this helps?