Tom:
Thanks for your suggestion. I downloaded CodeWarrior 7.1 for Coldfire, updated it with the 7.1.1 patch, updated the firmware of the USB-TAP and updated the USB driver. Unfortunately, I still have the exact same problem: at some point during execution of my application it becomes impossible for the USB TAP to break in.
I'd still be grateful for any kind of suggestion as to what else to try. At the moment, the only conclusion I'm able to draw is that the CPU gets into some state which is un-interruptable by the debugger, although I don't know if that is theoretically possible.
Tim
P.S. I just noticed that I had a typo in the message subject, it should read "MCF5272"