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The regular edition of MyEclipse 10.0.0 had an issue with starting JBoss 7. This was solved in the 10.0.1 release. I also have an installation of ME4S with version 10.0.2 which cannot start JBoss 7. I am running on Mac Lion. The error I am getting is attached.
I am guessing that the fix that the regular version has not been propagated to ME4S.
The changes will be available soon (hopefully within days of this post). Watch for updates in your Software and Configuration center. The update will only contain the updated MyEclipse Pro classes even though it may be labeled as a ME4S update.
If the problem persists after an update and re-start, please post back here.