Value for "base_url" should be supplied when creating a new environment
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The value for "base_url" is initially empty when creating a new Trac environment. I believe this should be populated if possible, probably by asking for it along with the project name. The lack of this paramter value led to a problem when I was configuring TicketMover. See http://trac-hacks.org/ticket/5560 for the discussion of that problem and how it was resolved.
It should be noted that unless you use something that depends on "base_url" being set it works just fine without a value, even in a multi-project shared .ini environment.