Looks like the problem is with Aquamacs. I installed emacs24 using brew and the .emacs.d/init.el file is loaded as I would expect.
Debugger entered--Lisp error: (file-error "Cannot open load file" "perspective")
require(perspective)
(cond ((file-directory-p normal) (add-to-list (quote load-path) normal) (require library)) ((file$
(let* ((file (symbol-name library)) (normal (concat cabbage-vendor-dir file)) (suffix (concat nor$
cabbage-vendor(perspective)
eval-buffer(#<buffer *load*<3>> nil "/Users/rjt/Src/cabbage/lib/perspective.el" nil t) ; Readin$
load-with-code-conversion("/Users/rjt/Src/cabbage/lib/perspective.el" "/Users/rjt/Src/cabbage/lib$
load("/Users/rjt/Src/cabbage/lib/perspective")
eval-buffer(#<buffer *load*<2>> nil "/Users/rjt/Src/cabbage/cabbage.el" nil t) ; Reading at buf$
load-with-code-conversion("/Users/rjt/Src/cabbage/cabbage.el" "/Users/rjt/Src/cabbage/cabbage.el"$
load("/Users/rjt/Src/cabbage/cabbage")
eval-buffer(#<buffer *load*> nil "/Users/rjt/.emacs.d/init.el" nil t) ; Reading at buffer posit$
load-with-code-conversion("/Users/rjt/.emacs.d/init.el" "/Users/rjt/.emacs.d/init.el" t t)
load("/Users/rjt/.emacs.d/init" t t)
#[0 "^H\205\262^@ \306=\203^Q^@\307^H\310Q\202;^@ \311=\204^^^@\307^H\312Q\202;^@\313\307\314\315$
command-line()
normal-top-level()