A little more information that might help get to the bottom of this:
Ran make install which (among other things) simply copies the binary from /usr/src/XBMC/xbmc.bin to /usr/local/share/xbmc/xbmc.bin. When I run xbmc.bin from there, I encounter the issue of missing icons and graphics. But when I run from /usr/src/XBMC/xbmc.bin, everything is fine.
Looked in the log and saw these warnings:
1:36:00 T:4093083072 M:396722176 WARNING: CreateDirectory, cant create dir </usr/local/share/xbmc/plugins/music>. trying lower case.
01:36:00 T:4093083072 M:396722176 WARNING: CreateDirectory, cant create dir </usr/local/share/xbmc/plugins/video>. trying lower case.
01:36:00 T:4093083072 M:396722176 WARNING: CreateDirectory, cant create dir </usr/local/share/xbmc/plugins/pictures>. trying lower case.
This can be explained by the fact that the directory is owned by root and only root has write permisions. Probably xbmc shouldn't be trying to write to the /usr/local/share/ directory. All this will do is drive people to run xbmc as root, which shouldn't be required. I tried running as root to get around the directory perms issue hoping that would solve the overall issue (or at least work around it) but it didn't.
For anyone trying to debug this issue, I've pastebinned my two logs. The first log is the log generated from running straight out of the svn dir:
http://pastebin.ca/1209979
The second log is the log generated from running from /usr/local/share which is when I have the image and icon problems:
http://pastebin.ca/1209976
I'll attach the diff of the logs for convenience. I stripped out the timestamps and diffed to see if there was anything obvious. I didn't say anything. But, then, I don't really know what i'm doing.
http://pastebin.ca/1209980
If there's anything else I can provide, let me know.