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I had a similar issue following the 1.0.1 update. The next time I turned on the iPod I was confronted with OF's first-run splash screen inviting me to start a new database or sync against an existing one.

After choosing to sync, I got a dialog containing only a cancel button, followed by a dialog complaining that no internet access was available (unlikely as far as I could tell, as the wifi indicator was still strong, and I wasn't aware of any comcastic misbehavior). My inbox was correctly badged with one overdue item. Then OF exited to the home screen.

After launching again, all data appeared to have synced normally, and I haven't observed any problems in the 12 hours since. Three cheers for frequent, defensive syncing.