I expected Minecraft to normally load my world, smoothly.

After Minecraft loaded some chunks(containing redstone, command blocks and hoppers) it crashed on me.

My settings are:
Graphics: Fancy Render Distance: 10 Chunks
Smooth Lighting: Maximum Max Framerate: Unlimited
3D Anaglyph: OFF View Bobbing: OFF
GUI Scale: Large Brightness: Bright
Clouds: ON Particles: Minimal
Fullscreen: OFF VSync: OFF
Mipmap Levels: 4 Alternate Blocks: OFF

Load up the attached world, it crashes with these settings shortly after you enter the game.
But only if you don't move the mouse so you end up looking at the place with many redstone contraptions.
I attached the crash log and a screenshot right before Minecraft crashes, too. It always crashes shortly after that. Hope this helps.