Well. They've now been fixed. A new version is up on the Android Market. Here's Opera's explanation of the problem and some of the phones effected by it:
Shortly after the launch of Opera Mobile 11.1 for Android we started receiving reports Opera was freezing at startup. We traced the startup freeze to devices with non-standards fonts. Most effected devices were the HTC HD2, and LG P990 Optimus 2x. The developers also identified and fixed another freeze on start-up bug that was effecting devices with Hardware keyboards such as the Motorola Milestone, and the HTC Desire Z.
Opera is calling this a “silent update” which, we think, means it doesn't get a new build number. It's like they want all knowledge of this error ERASED from history. Fair enough.
source: Eurodroid