Using build 251, with brand new alfresco database and alf_data directory.

Procedure:
# User login (admin/admin).
# User navigates to: Company Home > Web Projects > Data Dictionary > Web Forms.
# User clicks Create > Create Web Form.
# Create Web Form Wizard / Web Form Details screen is displayed.
# For the XML Schema, user selects "company-footer.xsd" provided in sample WCM.
# User clicks Next.
# Configure Template screen is displayed.
# User clicks Next.
# Configure Workflow screen is displayed.
# User clicks "No not now" to remove default workflow.
# User clicks Next.
# Summary screen is displayed.
#* General Properties
#** Name: company-footer
#** Description: <not set>
#** Root element:
#** Output path pattern: ${name}.xml
#* Rendering Engine Templates
#* Default Workflow
#** Apply default workflow: No
# User clicks Finish.
# The following error message is displayed: &nbsp;"{color:#ff0000}Please correct the errors below then click Finish.&nbsp; A&nbsp;system error happened during the operation: null{color}"

From the alfresco.log file:
{noformat}
11:02:29,839 ERROR [org.apache.myfaces.taglib.UIComponentTagUtils] Component javax.faces.component.UISelectItem is no ValueHolder, cannot set value.
11:03:06,527 WARN  [org.alfresco.web.app.servlet.UploadFileServlet] no file uploaded for upload schema
11:03:20,261 WARN  [org.alfresco.web.app.servlet.UploadFileServlet] no file uploaded for upload schema
11:03:29,214 WARN  [org.alfresco.web.app.servlet.UploadFileServlet] no file uploaded for upload schema
11:03:38,792 WARN  [org.alfresco.web.app.servlet.UploadFileServlet] no file uploaded for upload schema
11:03:54,167 ERROR [org.apache.myfaces.taglib.UIComponentTagUtils] Component javax.faces.component.UISelectItem is no ValueHolder, cannot set value.
11:04:38,355 ERROR [org.alfresco.web.ui.common.Utils] A system error happened during the operation: null
java.lang.NullPointerException
 at java.io.FileInputStream.<init>(FileInputStream.java:103)
 at org.alfresco.repo.content.AbstractContentWriter.putContent(AbstractContentWriter.java:428)
 at org.alfresco.web.bean.wcm.CreateFormWizard.finishImpl(CreateFormWizard.java:247)
 at org.alfresco.web.bean.dialog.BaseDialogBean.finish(BaseDialogBean.java:91)
 at org.alfresco.web.bean.wizard.WizardManager.finish(WizardManager.java:497)
 at sun.reflect.NativeMethodAccessorImpl.invoke0(Native Method)
 at sun.reflect.NativeMethodAccessorImpl.invoke(NativeMethodAccessorImpl.java:39)
 at sun.reflect.DelegatingMethodAccessorImpl.invoke(DelegatingMethodAccessorImpl.java:25)
 at java.lang.reflect.Method.invoke(Method.java:585)
 at org.apache.myfaces.el.MethodBindingImpl.invoke(MethodBindingImpl.java:129)
 at org.apache.myfaces.application.ActionListenerImpl.processAction(ActionListenerImpl.java:63)
 at javax.faces.component.UICommand.broadcast(UICommand.java:106)
 at javax.faces.component.UIViewRoot._broadcastForPhase(UIViewRoot.java:90)
 at javax.faces.component.UIViewRoot.processApplication(UIViewRoot.java:164)
 at org.apache.myfaces.lifecycle.LifecycleImpl.invokeApplication(LifecycleImpl.java:316)
 at org.apache.myfaces.lifecycle.LifecycleImpl.execute(LifecycleImpl.java:86)
 at javax.faces.webapp.FacesServlet.service(FacesServlet.java:105)
 at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:252)
 at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:173)
 at org.alfresco.web.app.servlet.AuthenticationFilter.doFilter(AuthenticationFilter.java:73)
 at org.apache.catalina.core.ApplicationFilterChain.internalDoFilter(ApplicationFilterChain.java:202)
 at org.apache.catalina.core.ApplicationFilterChain.doFilter(ApplicationFilterChain.java:173)
 at org.apache.catalina.core.StandardWrapperValve.invoke(StandardWrapperValve.java:213)
 at org.apache.catalina.core.StandardContextValve.invoke(StandardContextValve.java:178)
 at org.apache.catalina.core.StandardHostValve.invoke(StandardHostValve.java:126)
 at org.apache.catalina.valves.ErrorReportValve.invoke(ErrorReportValve.java:105)
 at org.apache.catalina.core.StandardEngineValve.invoke(StandardEngineValve.java:107)
 at org.apache.catalina.connector.CoyoteAdapter.service(CoyoteAdapter.java:148)
 at org.apache.coyote.http11.Http11Processor.process(Http11Processor.java:868)
 at org.apache.coyote.http11.Http11BaseProtocol$Http11ConnectionHandler.processConnection(Http11BaseProtocol.java:663)
 at org.apache.tomcat.util.net.PoolTcpEndpoint.processSocket(PoolTcpEndpoint.java:527)
 at org.apache.tomcat.util.net.LeaderFollowerWorkerThread.runIt(LeaderFollowerWorkerThread.java:80)
 at org.apache.tomcat.util.threads.ThreadPool$ControlRunnable.run(ThreadPool.java:684)
 at java.lang.Thread.run(Thread.java:595)
{noformat}