The dart_analyzer launch script was a bit tangled up. It needs to be able

compiler/scripts/dart_analyzer.sh

 #!/bin/bash --posix
 # Copyright (c) 2012, the Dart project authors.  Please see the AUTHORS file
 # for details. All rights reserved. Use of this source code is governed by a
 # BSD-style license that can be found in the LICENSE file.
 
 set -e
 
 SCRIPT_DIR=$(dirname $0)
 DART_ANALYZER_HOME=$(dirname $SCRIPT_DIR)
 
@@ skipping 15 matching lines @@
 
 DART_SDK=""
 if [ $FOUND_SDK = 0 ] ; then
   if [ -f $DART_ANALYZER_HOME/lib/core/core_runtime.dart ] ; then
     DART_SDK="--dart-sdk $DART_ANALYZER_HOME"
   else
     DART_SDK_HOME=$(dirname $DART_ANALYZER_HOME)/dart-sdk
     if [ -d $DART_SDK_HOME ] ; then
       DART_SDK="--dart-sdk $DART_SDK_HOME"
     else
-      echo "Couldn't find Dart SDK. Specify with --dart-sdk cmdline argument"
+      DART_SDK_HOME=$(dirname $DART_SDK_HOME)/dart-sdk
+      if [ -d $DART_SDK_HOME ] ; then
+        DART_SDK="--dart-sdk $DART_SDK_HOME"
+      else
+        echo "Couldn't find Dart SDK. Specify with --dart-sdk cmdline argument"
+      fi
     fi
   fi
 fi
 
-DART_ANALYZER_LIBS=$DART_ANALYZER_HOME/util/analyzer
+if [ -f $DART_SDK_HOME/util/analyzer/dart_analyzer.jar ] ; then
+  DART_ANALYZER_LIBS=$DART_SDK_HOME/util/analyzer
+elif [ -f $DART_ANALYZER_HOME/util/analyzer/dart_analyzer.jar ] ; then
+  DART_ANALYZER_LIBS=$DART_ANALYZER_HOME/util/analyzer
+else
+  echo "Configuration problem. Couldn't find dart_analyzer.jar."
+  exit 1
+fi
 
 if [ -x /usr/libexec/java_home ]; then
   export JAVA_HOME=$(/usr/libexec/java_home -v '1.6+')
 fi
 
 EXTRA_JVMARGS="-Xss2M "
 OS=`uname | tr [A-Z] [a-z]`
 if [ "$OS" == "darwin" ] ; then
   # Bump up the heap on Mac VMs, some of which default to 128M or less.
   # Users can specify DART_JVMARGS in the environment to override
   # this setting. Force to 32 bit client vm. 64 bit and server VM make for 
   # poor performance.
   EXTRA_JVMARGS+=" -Xmx256M -client -d32 "
 else
   # On other architectures
   # -batch invocations will do better with a server vm
   # invocations for analyzing a single file do better with a client vm
   if [ $FOUND_BATCH = 0 ] ; then
     EXTRA_JVMARGS+=" -client "
   fi
 fi
 
 exec java $EXTRA_JVMARGS $DART_JVMARGS -ea -classpath "@CLASSPATH@" \
   com.google.dart.compiler.DartCompiler ${DART_SDK} $@