Looks like microsoft posted the KB for this. KB 941977
When you try to edit the Web application monitoring settings in Microsoft System Center Operations Manager 2007, you receive the following error messages:
Failed to load Web Application
Microsoft.EnterpriseManagement.Common.ObjectNotFoundException: Requested object(s) not found.
This problem occurs if a user in the Operator user role opens the Operations console when the user in the Administrator user role tries to edit the Web application monitoring settings.