Man, I hate when my Google-Fu has an off day...

Spent a chunk of the morning fighting with a DB restore on a Devs stand-alone, Google'ing like mad to find the problem, only to throw in the towel and post here.

And get a reply that exactly describes the problem and the simple resolution of patching the SQL to the current SP and CU...

http://www.sqlservercentral.com/Forums/Topic1821699-3411-1.aspx