I’m getting the same. I think one reason Chrome is mentioned a lot in relation to it is that Chrome gives you the error up front. Firefox sits with the little twiddly grey bar forever and a day instead of returning an error.
I get the ERR_TOO_MANY_REDIRECTS message on Chrome or timeout on FF when I click on an in-line image and then on the “edit image” icon. It’s intermittent – it works as it should for days/weeks on end and then for no apparent reason (not post update, not after a change in plugins) just stops working for a while.
As it happens across browsers, OS’s (XP Home, XP Pro, Ubuntu, Eee-buntu) and on two machines I’m tempted to think it’s a server issue – but not a .htaccess one as that also hasn’t been changed.