This issue occurs because of the late binding in Mono. This in itself is a feature not a bug. Mono needs the -dev package/libraries to link at runtime. However the f-spot.exe.config file makes runtime linking without the -dev files possible, but it seems they forgot to define it for this release.
In the long run the f-spot.exe.config file should be fixed in the package.
However, in the short run user should just install the -dev package of your GLX provider be it nvidia, ati or mesa. Modifying a file which was installed with a package isn't a good solution and may cause issues when upgrading.