Rake 11.0.1 removes the last_comment method which Rails 2.3 rspec-core (< 3.4.4) uses. Therefore until/if a patch is released we need to pin rake to an older version in Gemfile:
gem 'rake', '< 11.0'
then:
$ bundle update
$ grep rake Gemfile.lock
rake
rake (>= 0.8.7)
rake (10.5.0)
rake
rake (< 11.0)
We are now using rake 10.5.0 which still has the last_comment method and our rake tasks will work again.
UPDATE: This has now been fixed in rspec, so the only thing necessary should be updating rspec.