Drupal 7.10 to 7.12 causes Recoverable fatal error: in EntityMetadataWrapperIterator::__construct()

The errors:

Warning: array_keys() expects parameter 1 to be array, null given in EntityStructureWrapper->getIterator() (line 538 of /var/www/html/sites/all/modules/entity/includes/entity.wrapper.inc).
Recoverable fatal error: Argument 2 passed to EntityMetadataWrapperIterator::__construct() must be an array, null given, called in /var/www/html/sites/all/modules/entity/includes/entity.wrapper.inc on line 538 and defined in EntityMetadataWrapperIterator->__construct() (line 1080 of /var/www/html/sites/all/modules/entity/includes/entity.wrapper.inc).

On upgrading from D7.10 to D7.12, I ended up with the above error messages when viewing the rules module administration pages.
I suspect that the uuid is somehow improperly defining/handling entity data and the rules module just doesn't handle the error case well.
There have been a few different other modules that have had similar problems when switching to D7.12, see: #1425342: Drupal core upgrade from 7.10 to 7.12 causes menu block to fail, #1351678: Follow menu_link_get_preferred active trail handling for custom menus, and #1050466: The taxonomy index should be maintained in a node hook, not a field hook.

Looking at individual rules, all of the entity data for things like nodes and site vanish or otherwise become unavailable.

I suspect this is also causing the WSOD in the rules module administration pages, see: #1423234: Site metadata seems empty, causes "Unsupported operand types in rules.state.inc on line 612"

Switching back to uuid 7.x-1.0-alpha2 from 7.x-1.0-alpha3 or disabling the uuid module altogethor causes rules to function properly (and the WSOD to goes away).