Confirmed on the trunk. There is an error message in the log file when this happens:
Aug 7, 2012 8:22:35 AM org.glassfish.config.support.TranslatedConfigView getTranslatedValue
SEVERE: Error in dealiasing the password $
: password can't be null
This comes from line 89 of TranslatedConfigView.java in the nucleus/admin/config-api module. The "password" referred to in the error message is the master password.
The root cause of this is an ordering problem during startup between the SystemTasksImpl service and the IdmService service. The IdmService reads the master password file and sets the master password internally (which is needed to read the keystore that holds the alias values) and the SystemTasksImpl reads the system properties from the domain.xml and stores them in the environment within the JVM. If SystemTasksImpl is initialized before IdmService, then it cannot read the password aliases. Both IdmService and SystemTasksImpl are run at the "INIT" run-level, so there is no guarantee on the ordering between the services.