2.3 keydb problems

[Robert J. Hansen]

After switching to the new SQLite keydb, I can no longer list my keyring 
and things are a little weird.

[rjh at localhost build]$ gpg -vvvv --list-keys
gpg: NOTE: THIS IS A DEVELOPMENT VERSION!
gpg: It is only intended for test purposes and should NOT be
gpg: used in a production environment or with production keys!
gpg: using character set 'utf-8'
gpg: Note: RFC4880bis features are enabled.
gpg: key 1E7A94D4E87F91D5: accepted as trusted key

... and there it hangs.  No further output is generated.

Any ideas?