I hope this is the right place for this but I have just finished a clean install of Eclipse 3.7.0 and JBoss Tools 3.3.0.M3 on OS X 10.7.1, it opens and seems to run fine but when you try and edit an ftl (freemarker) file it NPE.
I have attached the Eclipse log file.
that looks like a bug dependent on what is your file content.
Did it work in previous versions ?
in any case, please open bug at https://jira.jboss.org/jira/browse/JBIDE with whatever info you can provide (versions, file content, stacktrace etc.).