I just did an emerge rsync and my /etc/make.profile got reassigned to /usr/portage/profiles/default-x86-2.0/ which is an invalid location. My solution was to delete the link and create one that went to the ..../default-x86-1.4/ directory.
I had the same thing. Thanks for the solution.
actually what happened was the default-x86-2.0 profile was deleted
*** Bug 7835 has been marked as a duplicate of this bug. ***
*** Bug 7854 has been marked as a duplicate of this bug. ***