Since I have the same problem with not reading from SD-card I uploaded a trace reaching the menu (running in PAL mode)
http://dump.ettfyratre.se/umdk/boot-trace.log.bz2 (39 MB)
And also, here is my firmware.bin:
http://dump.ettfyratre.se/umdk/firmware.bin.bz2
-----------
EDIT Unrelated, but I also uploaded two different traces for when Sonic 1 crashes over USB.
The first one, comes up with a message on SEGA screen saying "Line 1111 Emulator $00071FCA"
http://dump.ettfyratre.se/umdk/sonic-tr ... CA.log.bz2 (33 MB)
And here the second one, it shows "Address Error $00071FC6$010041D5" on the same SEGA screen.
http://dump.ettfyratre.se/umdk/sonic-tr ... D5.log.bz2 (33 MB)
At this point, I figured I'd try to read the rom back from memory using loader -r sonic-error.bin:0:0x80000 and load it up in an emulator - and it worked fine. Next thing, I did "cmp sonic1.bin sonic-error.bin" and it showed nothing.. so there was no error when transferring it, yet it showed an error and froze on the actual hardware.
EDIT: Well, I guess Sonic doesn't freeze, I just assumed so since it stays on the SEGA screen. If I press start after the exception the game runs normally. This is at least true for the address error, haven't had the emulator one happen again yet. Still though, it shouldn't give that message and maybe it's related to other games freezing..
Well it doesn't happen every time, the first time I ran it while tracing I got the emulator error, then reloaded it maybe 10 times where it ran fine before I got the address error. But some other games like Alien Soldier or Mega Turrican freeze completely every time I try them after anything from half a minute to a few minute of gameplay.