On Rails 4.0.0.rc1, Ruby 2.0.0, after I run a migration, I see the following error when I try to run a test through rspec:
/Users/peeja/.
I've found I have this problem when using chruby to manage my ruby versions. Rails calls bin/rails db:test:prepare via the system command. This doesn't take advantage of chrubys $PATH env var, so it runs as whatever the system ruby is, and fails because of missing gems typically. Unfortunately, I don't currently have a good solution for this.