I just wanted to add my experience of this - I use 3 or 4 machines which are updated to build 2004, both domain and standalone, with different folder redirections synced. I've only had the BSOD at login on one desktop PC so far, and I'm not sure why this one would be affected while the others aren't. Thanks to this thread I managed to get round the fault by going into safe mode and disabling offline file sync in the registry. As this is a desktop machine there isn't any real problem doing this, as I don't need these files outside the office.
As a domain user I don't have the local admin password to try that workaround, but before getting into safe mode using my cached domain credentials, I got the BSOD whether I was connected to the LAN or not. Also, I am not sure how long after installing 2004 the fault appeared (the PC was switched off for a couple of weeks), but it wasn't immediate - suggesting an update is responsible.
I hope MS are taking note of this and working on a fix...