With genkernel-3.4.8 and gentoo-sources-2.6.21-gentoo-r4, the Bluetooth rfcomm kernel module isn't loaded at startup. This causes `/etc/init.d/bluetooth start` to fail on starting rfcomm because the RFCOMM protocol isn't loaded in the kernel. This wasn't a problem before with genkernel-3.4.6 and gentoo-sources-2.6.20-gentoo-r8. It seems to me the proper fix is to add rfcomm to MODULES_USB in /usr/share/genkernel/$ARCH/modules_load.
This isn't genkernel's job. Genkernel's linux loads modules that are required to get your system booted (such as SCSI/IDE/SATA drivers). If you want a module that is *not* required for boot loaded at startup, stick it in /etc/modules.autoload.d/kernel-2.x.
My mistake. I thought genkernel used to load Bluetooth modules at startup, but I downgraded to genkernel-3.4.6 and didn't see any Bluetooth stuff in /usr/share/genkernel. IMHO, putting stuff in /etc/modules.autoload.d is rather barbaric. The system should be smart enough to load the modules it needs automatically. /etc/init.d/bluetooth should probably do this. I'll file a bug for that.