I was having the same problem. Changing the php.ini file worked for me, although I had to set my max_execution_time a little higher. I am testing on an older PowerMac G4 and that may have been causing it to take longer to process. Also another hint on on a Mac, the Safari browser itself times out after a minute so you might have to use another browser, or use a Windows machine when first try going to the site.
Thanks.
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