I have problems launching default.aspx after installing a blank 4.7 solution.
It seems the page goes into a loop, and I get the following out in sql-profiler:

exec dbo.dnn_GetRolesByUser @UserId=-1,@PortalId=-1
exec dbo.dnn_GetLinks @ModuleId=350
exec dbo.dnn_GetHtmlText @ModuleId=352
exec dbo.dnn_GetHtmlText @ModuleId=346
exec dbo.dnn_GetHtmlText @ModuleId=347
exec dbo.dnn_GetHtmlText @ModuleId=348
exec dbo.dnn_GetHtmlText @ModuleId=349
exec dbo.dnn_GetRolesByUser @UserId=-1,@PortalId=-1
exec dbo.dnn_GetLinks @ModuleId=350
... .... and so on.

My configuration is win 2003 server, Sql server 2005 and VS 2008. 
Here is what I did:

downloaded DotNetNuke_04.07.00_Source.zip
extracted to c:\dotnetnuke
gave permissions
open DotNetNuke_VS2008.sln (this creates everything in IIS for me)
copy development.config to web.config
specify correct connectionstrings in both places. 
Ctrl + F5
run through install-wizard in mode custom
permissions and database connection is OK
database-script installed OK
no extra modules installed

when I am redirected to default.aspx I get into this loop.

Can anyone help me with this?

Rgds
John Pedersen

Although this does not fix the original problem, it does get me to a point where DNN launches and I can start using it. I downloaded the INSTALL version of 4.7 and followed the exact same steps as I did for the SOURCE version and it worked - no problems. To me, I'm OK with this since I do not plan to modify the source code for the core DNN product. I am glad I can see the source should the need arise but I for now, I have a platform/environment where I can start using DNN.

I ran into this issue just this morning. So far I have no clue as to what it could be. I had 1 4.7 instance running last night, but that one's in a loop now too. I did install VS2008 and some stuff since then though...

I hope to find a solution, but if anybody's got a clue...