Followed http://wiki.pmease.com/display/QB40/Set+up+Plugin+Development+Workspace guide and got this:

2012-08-16 15:05:56,783 INFO - Cleaning temp directory...
2012-08-16 15:05:56,829 INFO - Benchmarking...
2012-08-16 15:05:57,578 INFO - Booting QuickBuild from '/Users/xxx/qb/quickbuild-4.0.53'...
2012-08-16 15:05:57,586 INFO - Starting framework...

osgi> 2012-08-16 15:05:58,692 INFO - Starting QuickBuild server...
2012-08-16 15:05:58,693 INFO - Starting IOC container...
2012-08-16 15:05:58,829 INFO - Initializing velocity...
********************************************************************
*** WARNING: Wicket is running in DEVELOPMENT mode. ***
*** ^^^^^^^^^^^ ***
*** Do NOT deploy to your live server(s) without changing this. ***
*** See Application#getConfigurationType() for more information. ***
********************************************************************
2012-08-16 15:05:59,118 INFO - Checking data version...
2012-08-16 15:05:59,350 INFO - QuickBuild version table found. Catalog: QUICKBUILD, Schema: PUBLIC, Name: QB_SETTING, Type: TABLE
2012-08-16 15:05:59,369 INFO - Checking data...
2012-08-16 15:06:01,186 INFO - Initializing caches...
2012-08-16 15:06:01,351 INFO - Starting plugin 'com.pmease.quickbuild.plugin.scm.subversion'...
2012-08-16 15:06:01,513 INFO - Starting plugin 'com.pmease.quickbuild.plugin.report.pmd'...
2012-08-16 15:06:01,528 INFO - Constructing report category for plugin: PMD Report (4.0.32)
2012-08-16 15:06:01,954 INFO - Starting plugin 'com.pmease.quickbuild.plugin.report.boosttest'...
2012-08-16 15:06:01,960 INFO - Constructing report category for plugin: Boost Test Integration (4.0.16)
2012-08-16 15:06:02,051 INFO - Starting plugin 'org.eclipse.equinox.http.servlet'...
2012-08-16 15:06:02,057 ERROR - Error starting QuickBuild.
java.lang.RuntimeException: org.osgi.framework.BundleException: The bundle "org.eclipse.equinox.http.servlet_1.1.200.qualifier [12]" could not be resolved. Reason: Missing Constraint: Import-Package: javax.servlet; version="2.3.0"
at com.pmease.quickbuild.pluginsupport.DefaultPluginManager.loadPlugins(DefaultPluginManager.java:118)
at com.pmease.quickbuild.Quickbuild.startServer(Quickbuild.java:316)
at com.pmease.quickbuild.Quickbuild.access$3(Quickbuild.java:226)
at com.pmease.quickbuild.Quickbuild$2.run(Quickbuild.java:161)
at java.lang.Thread.run(Thread.java:680)
Caused by: org.osgi.framework.BundleException: The bundle "org.eclipse.equinox.http.servlet_1.1.200.qualifier [12]" could not be resolved. Reason: Missing Constraint: Import-Package: javax.servlet; version="2.3.0"
at org.eclipse.osgi.framework.internal.core.AbstractBundle.getResolverError(AbstractBundle.java:1327)
at org.eclipse.osgi.framework.internal.core.AbstractBundle.getResolutionFailureException(AbstractBundle.java:1311)
at org.eclipse.osgi.framework.internal.core.BundleHost.startWorker(BundleHost.java:323)
at org.eclipse.osgi.framework.internal.core.AbstractBundle.start(AbstractBundle.java:299)
at com.pmease.quickbuild.pluginsupport.DefaultPluginManager.loadPlugins(DefaultPluginManager.java:115)
... 4 more
2012-08-16 15:06:02,058 INFO - Stopping QuickBuild server...
2012-08-16 15:06:02,058 INFO - Stopping task scheduler...
2012-08-16 15:06:02,059 INFO - Closing session factory...
2012-08-16 15:06:02,063 INFO - QuickBuild server stopped.