I too had this problem. I ran the following steps, after reading Shake's message.
1) Switched back to 2004.3
rm /etc/make.profile
ln -s /usr/portage/profiles/default-linux/amd64/2004.3 /etc/make.profile
2) Re-emerged glibc and gcc. I also did the emuls again for good measure.
emerge emul-linux-x86-glibc glibc gcc
3) Prepare for switch to 2005.0 profile
rm /lib32 /usr/lib32
mkdir /lib32 /usr/lib32
cp /emul/linux/x86/lib32/libsandbox.so /lib32
cp /emul/linux/x86/usr/lib32/libc.so /usr/lib32
cp /emul/linux/x86/usr/lib32/libpthread.so /usr/lib32
cp /emul/linux/x86/usr/lib32/*crt*.o /usr/lib32
env-update
4) Emerged baselayout
emerge -v --oneshot baselayout
5) Switched to 2005.0 profile
rm /etc/make.profile
ln -s /usr/portage/profiles/default-linux/amd64/2005.0 /etc/make.profile
6) Re-emerged glibc again.
emerge -v --oneshot '>=sys-libs/glibc-2.3.4.20041102'
From there I continued to follow the manual instructions laid out at
the upgrade how-to.
QAPLA'.
~~ Andrew D.