I've been getting a large number of failed page loads lately with the "out of memory" error message—which really doesn't make much sense on modern Mac OS X anyway, since memory is dynamically allocated as needed, so clearly the failure this error message is triggered by comes from something other than merely running out of memory. Today, this error extended to loading the Speed Dial page chrome://startpage/. I checked for an update and found one (which had its own issue—it wouldn't update properly by its own process, so I had to manually download and install the update), but that has not resolved the problem.
The current behavior is that upon launch, when all windows were closed at last quit, Opera tries to load a new window containing a single tab, with Speed Dial loaded in that tab. I instead get the "out of memory" error message. Clicking "Reload" or the Speed Dial toolbar button produce nothing, not even an attempted reload. Clicking a bookmark from the bar correctly loads the bookmarked page. Opening a new tab results in an "Untitled" tab instead of the expected Speed Dial.