Steps to reproduce:
1) Start minecraft server with extended memory sizes (java -Xmx1G -Xms1G -jar minecraft_server.jar)
2) Launch client
3) Connect to created game
Actual:
Player can't move in world: he always returns to the original starting position. Also some chunks of world not loaded.
Log with debug start is attached.
Note: this bug was reproduced after MC-3639.
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Mods isn't installed.

How much memory does your computer have?

4GB

Note: it's not clean launch. I'm try load world in which played about a year. Few days ago minecraft_server crashed and after that I can not run saved world.

In the duplicated issue MC-3613 the problem was solved by updating to Minecraft 1.4.5

Note to self:
Wrong location! px['item.item.dyePowder.black'/151, l='myworld', x=1202.50, y=29.13, z=240.12]
java.lang.Exception: Stack trace
at zs.a(SourceFile:508)