Not sure if anyone else has come across this issue or not, but, after upgrading to OSX Mountain Lion, I noticed I could no longer connect to any APs. The only one I could connect to was one that was still using WEP (yeah, I know...).
I'm almost %110 sure this is an OSX related issue, but, I finally found that if I changed the security profiles using WPA2 to using aes instead of tkip, I have no more issues with obtaining an IP from the dhcp server.
I verified this with 2 boxes (one being fresh out of the box with the generic setup), both RB751, running 5.19. I don't know if this transcends the RB751 series or not, but, I'm assuming it does.