Found on bluez-utils 3.36, but my affects other releases too.
If in the file /etc/bluetooth/network.conf are defined scripts to execute on connection established, and hcid is unable to execute them it seg faults.
The problem was evidenced on linux gentoo as per default it uses a configuration that start avahi-autoipd, that may be not installed.
On other distro (eg. ubuntu) script network file are undefined so the problem is not visible.
So be sure to undefine or use correct scripts and that they are executable by hcid.
I produced a very small patch and submitted it to bluez upstream developers, but I'm not sure that there will be a release only for this.
However the next step will be to open an issue at gentoo bug tracker as it's the system most affected.
For impatients in svn there is an overlay to emerge fixed blue-utils.
Fixing sources will fix the seg faults, but when hcid is unable to execute scripts it refuses incoming bnep connection with Input/Output error. This is fixed in the noko-overlay too.
I signaled the problem upstrem, developers accepted the small patch and fixed this in 4.28 but not in 3.*.
In the noko overlay for gentoo users this was fixed for bluez 3.36.