If you was using a domain admin account and still ran into this error. According to the MSDN forums, the resolution is as follows:
Central Administration >> Application Management >> Policy for Web Application >> Add Users >> Select the Web Application (All Zones) >> Web Application >> (Add the user) >> Full Control >> Finish
Additionally, you may also need to perform the following once you have permissions: SharedServices1 >> “User Profiles and My Sites” >> “Personalization Services Permissions”
