PG 7.3 doesn't support 'current_timestamp' as a literal any more (it still is defined as a variable, of course). Also define_function_args assumes NULL as the default value if none is specified, 'null' <> NULL ...
Fixed bug with default values for creating folders; default values in define_function_args are literal strings, not expressions, so security_inherit_p;null is treated as the literal string 'null', and so is creation_date;current_timestamp treated as the literal string 'current_timestamp', which is not a valid timestamp format. There are probably other similar bugs introduced, we just fixed the ones that were blocking us. Emailing OCT about this.