I finally figured out what is causing this issue (at least on my box).
amdpcsdb.default is not getting installed by the installation script. Below is a patch for gentoo. You should also be able to extract the installation file and copy amdpcsdb.default into /etc/ati by hand as well.
Code:
--- /usr/portage/x11-drivers/ati-drivers/ati-drivers-8.443.1-r1.ebuild 2007-12-24 20:36:40.000000000 +0100
+++ ati-drivers-8.452.1.ebuild 2008-01-18 17:18:50.000000000 +0100
@@ -302,7 +302,7 @@
# etc.
insinto /etc/ati
# Everything except for the authatieventsd.sh script.
- doins common/etc/ati/{logo*,control,atiogl.xml,signature}
+ doins common/etc/ati/{logo*,control,atiogl.xml,signature,amdpcsdb.default}
if use acpi; then
doins common/etc/ati/authatieventsd.sh
fi