In the installation guide, it says that you only need the bin and classes directories in the PHING_HOME directory order for it to work. I ran into the following error:
> phing -verbose
exception 'NullPointerException' with message 'Argument1 to function must not be null' in /usr/local/phing/classes/phing/system/io/PhingFile.php:67
Stack trace:
#0 /usr/local/phing/classes/phing/Phing.php(771): PhingFile->__construct(NULL)
#1 /usr/local/phing/classes/phing/Phing.php(756): Phing::getPhingVersion()
#2 /usr/local/phing/classes/phing/Phing.php(289): Phing::printVersion()
#3 /usr/local/phing/classes/phing/Phing.php(147): Phing->execute(Array)
#4 /usr/local/phing/classes/phing/Phing.php(262): Phing::start(Array, NULL)
#5 /usr/local/phing/bin/phing.php(41): Phing::fire(Array)
#6 {main}
I discovered that it was looking for VERSION.TXT in the etc directory. I moved the etc directory from the download into PHING_HOME and it started to work.