I suggest you try the file with Osmium (http://wiki.openstreetmap.org/wiki/Osmium). There is an osmium_debug in the examples directory that will be helpful. As Osmium is another independent implementation of the OSM PBF file format, you might get an idea whether Osmosis or osmupdate is at fault.
And another thing: 10,000,000 is the factor used when converting lat/lon from a double to the internally used integer. 429.4967296*10000000 == 2^32.
