As of 10.2.2, it appears xinetd doesn't support emtpy server_args entries any more. Deleting the line starting with server_args solves the problem and ftp, pop3, imap4 or whatever internet service you are running from xinetd will start working again. So if any of the entries in the xinetd.d directory contain this line...
server_args =... you'll need to remove that line after upgrading to 10.2.2.
Mac OS X Hints
http://hints.macworld.com/article.php?story=20021115045145877