This is a new install. I had and fixed this problem:
http://www.eclipse.org/forums/index.php?t=msg&goto=48827 7&,
That fixed a lot of errors in the log file. Now the log file shows this.
!SESSION 2011-02-05 11:08:54.160 -----------------------------------------------
eclipse.buildId=M20100909-0800
java.version=1.5.0_26
java.vendor=Apple Inc.
BootLoader constants: OS=macosx, ARCH=x86, WS=cocoa, NL=en_US
Framework arguments: -product org.eclipse.epp.package.cpp.product -keyring /Users/ericwinchell/.eclipse_keyring -showlocation
Command-line arguments: -os macosx -ws cocoa -arch x86 -product org.eclipse.epp.package.cpp.product -keyring /Users/ericwinchell/.eclipse_keyring -showlocation
!ENTRY org.eclipse.core.net 1 0 2011-02-05 11:09:00.289
!MESSAGE System property http.nonProxyHosts has been set to local|*.local|169.254/16|*.169.254/16 by an external source. This value will be overwritten using the values from the preferences