guix --version returns "guix (GNU Guix) 20161013.22". My config.scm included (firmware (cons openfwwf-firmware %base-firmware)). I was using a patch provided by bavier from irc to provide openfwwf-firmware (here is the patch
http://paste.lisp.org/display/328373). I created /root/guix-modules/gnu/packages/firmware.scm, which was the patched version. When I tried running "guix system reconfigure --load-path=/root/guix-modules /etc/config.scm" it said that it could not find openfwwf-firmware. I then ran "export GUIX_PACKAGE_PATH=/root/guix-modules" and then ran "guix system reconfigure /etc/config.scm" and it successfully found openfwwf-firmware and reconfigured the system. That's why I think --load-path is not being honored.
I'm guessing that to reproduce, I should boot to the system configuration I had at the time and try the same thing. So I tried rebooting to the system I had at that time, but it seems to have failed to successfully boot... screen is stuck black right now, will try some more later. Just wanted to provide more details in the meantime.