In my case it is failing when I use Java 8 language features such as lambdas. It doesn't seem to have anything to do with the version of IntelliJ.
Looking at the stack trace, it appears to be because an old version of asm (3.x) is being used by com.intellij.javac2 and com.intellij.forms_rt. That was released long before Java 8, so it is probably choking on the new bytecodes.
asm has been moved to org.ow2.asm and is now up to version 5.0.3, which seems to be lambda (and thus Java 8) aware. So it seems the solution is to update com.intellij.javac2 and com.intellij.forms_rt to use the latest asm.