All searches return somethings like this
"Timed out waiting for status to become available on job=1328653078.37"
I even created a new test index that contains just one event pulled in from a local file, and got a similar warning.
After running a search splunkd.log showed
02-07-2012 17:47:26.503 -0500 WARN ProcessDispatchedSearch - PROCESS_SEARCH src/system-alloc.cc:423] SbrkSysAllocator failed.
Not related to memory. We rolled backed to the previous version 4.2.5 and plan to do a secondary install and maybe import some of our old indexes.
Take a look at http://splunk-base.splunk.com/answers/37809/halp-consulting-the-summary-dashboard-of-the-search-app-... and see if those steps help.