The error is still occurring with the 1.4.7 pre-release.
I reset my world save to a previous state and I'm now able to interact with the world. The 'Wrong location' messages for bats keep repeating, but when I move far enough away, the messages stop. However, when I go back to my base, the bat messages start occurring again. I'm assuming this is just due to the bats despawning when I move away and then respawning when I come back.
Mostly the 'Wrong location' messages I'm seeing are about bats.
I can still load my world, but I get constant "Wrong location" messages and I can't interact with the world at all. If I break a block, it pops back. If I move to a different area and quit, when I come back, I'm in the same place I was when I started the last time.
It continuously shows this error while playing.
I'm experiencing this problem in 1.4.6.
Wrong location! ow['Bat'/278, l='Rawrz', x=-191.25, y=59.20, z=286.45]
java.lang.Exception: Stack trace
at java.lang.Thread.dumpStack(Thread.java:1342)
at zz.a(SourceFile:504)
at yc.a(SourceFile:1343)
at in.a(SourceFile:450)
at yc.g(SourceFile:1297)
at yc.h(SourceFile:1196)
at in.h(SourceFile:362)
at net.minecraft.server.MinecraftServer.r(SourceFile:744)
at net.minecraft.server.MinecraftServer.q(SourceFile:679)
at bdz.q(SourceFile:117)
at net.minecraft.server.MinecraftServer.run(SourceFile:613)
at fy.run(SourceFile:849)
That might help for the short term, but it doesn't fix the original problem. The entities could start messing up again later.