I had this happen as well, there wasn't a crash report, but after enough launch attempts (about 5) it launched the game. It may be a launcher problem?
Confirmed for 1.7.2
Confirmed in 13w37b
Whoops, I'm sorry. Haha, guess I didn't know about this feature and accidentally bumped B at the same time as F3.
I also had this happen while playing Vanilla (no mods).
I did search several times, but I guess the labels I searched for (bobbing, camera, third-person, x-ray) didn't match the issue I duplicated (which had the label xray, not x-ray). Next time I guess I should use less labels when searching to see more results.