The Image on the SD card was bad. Looks like it was incomplete. I took another SD card and imaged it with the newest controller firmware and it looks like it is working now. Not sure that is a good sign for a new unit.
You were not the only one. When I looked into it, mine was reporting that the file system was mounted read only (and thus wouldn't save changes). In my case, I had edited /etc/config/network (to reconfigure as DHCP), /etc/config/cgminer (for pools), and a couple other things on the card from my desktop before installing it into the Pi. It ran perfectly but I couldn't save any changes because of the messed up mounting. I've gotten away with those edits before (editing /etc/config/network for DHCP prior to first boot being especially useful), but I assume it was my own meddling that messed it up this time-- or maybe it is just coincidence and I also had a bad image.