DependencyServiceManager.findServiceDependencies swallows exception from getServiceDependencies():

try {
    discoveredDependencies = dependencyFactory.getServiceDependencies(bundleContext, beanFactory);
}
catch (Exception ex) {
    log.warn("Dependency factory " + dependencyFactory
        + " threw exception while detecting dependencies for beanFactory " + beanFactory, ex);
}

It then attempts to use discoveredDependncies and NPEs. Running in S2AP it's this NPE that's presented most prominently to the user:

java.lang.NullPointerException
at org.springframework.osgi.extender.internal.dependencies.startup.DependencyServiceManager.findServiceDependencies(DependencyServiceManager.java:222)
at org.springframework.osgi.extender.internal.dependencies.startup.DependencyWaiterApplicationContextExecutor.stageOne(DependencyWaiterApplicationContextExecutor.java:249)
at org.springframework.osgi.extender.internal.dependencies.startup.DependencyWaiterApplicationContextExecutor.refresh(DependencyWaiterApplicationContextExecutor.java:173)
at org.springframework.osgi.context.support.AbstractDelegatedExecutionApplicationContext.refresh(AbstractDelegatedExecutionApplicationContext.java:136)
at org.springframework.osgi.extender.internal.activator.ContextLoaderListener$2.run(ContextLoaderListener.java:749)
at com.springsource.platform.kernel.dm.ContextPropagatingTaskExecutor$2.run(ContextPropagatingTaskExecutor.java:82)
at java.util.concurrent.ThreadPoolExecutor$Worker.runTask(ThreadPoolExecutor.java:650)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:675)
at java.lang.Thread.run(Thread.java:613)

You have to dig in the trace files (and have some understanding of the source code) to figure out that the real problem is the exception thrown from getServiceDependencies