My guess, for now, is that the device is entirely ignorant of the presence of the sdcard and/or the content thereon.
That number seems to suggest that the device is completely incapable of finding any media on the device at all (the database init count lists ALL files it encounters while displaying progress, not just media).
This seems to reflect the symptoms of trying to initiate a database with zero media files present (or visible to the system), which admittedly is somewhat of a weird long-standing bug, one that jumps out and scares users from time to time.
What file system, may I ask, is the sdcard formatted with? SDXC comes formatted by default with the exFAT file system, as the sd specification dictates. We do not support this file system.
If you could verify that the sdcard file system is indeed FAT32 (the only file system Rockbox supports on non-hosted platforms), we can either put this to bed, or go a bit further in debugging this for you.
[Saint]