Using http://snapshots.linaro.org/precise/pre-built/lt-panda-x11-base/139/lt-panda-x11-base-precise_ubuntu-desktop_20120626-139.html

Kernel:
linux-linaro-lt-omap-3.4 (3.4.0-1.1~120625232503) precise; urgency=low-lt-omap/ch
  * Packaged version of lt-omap kernel created from:    
    Kernel:
    Repo: git://git.linaro.org/landing-teams/working/ti/kernel.git
    Branch: tilt-3.4
    Head:
        commit 61abde21bf6272908466e2d13acd479743b4f0b3
        Author: Jaswinder Singh <jaswinder.singh.org>
        Date:   Fri Jun 22 11:26:22 2012 +0800
        
            omapdss temp hack ignore resume runtime_pm fail
            
            Signed-off-by: Jaswinder Singh <jaswinder.singh.org>
    
    Board config fragment:
    Repo: git://git.linaro.org/kernel/configs.git
    Branch: config-boards-3.4
    Head:
        commit b7274f7e11c782039d94a6662c823e339c21dd50
        Author: Ricardo Salveti de Araujo <ricardo.salveti.org>
        Date:   Mon Jun 25 15:30:04 2012 -0300
        
            configs: omap4: disabling CPU_IDLE due bug 971091
            
            Signed-off-by: Ricardo Salveti de Araujo <ricardo.salveti.org>
    
    Ubuntu and Linaro Base config fragments:
    Repo: git://git.linaro.org/kernel/configs.git
    Branch: config-core-3.4
    Head:
        commit 072bd6cb29aa25a3fe0f6be08af48f5a58eae849
        Author: Ricardo Salveti de Araujo <ricardo.salveti.org>
        Date:   Mon Jun 25 18:06:06 2012 -0300
        
            configs: ubuntu: disabling CGROUPS as default
            
            Not yet stable enough to be used as default for all boards we currently
            support at Linaro.
            
            Signed-off-by: Ricardo Salveti de Araujo <ricardo.salveti.org>
    
    Packaging template:
    Repo: git://git.linaro.org/ubuntu/linux-linaro-quantal.git
    Branch: linaro-ubuntu-packaging-3.4
    Head:
        commit 3da2b9971c9fbd9d039bf902ee8d31fdc8cc16f2
        Author: John Rigby <john.rigby.org>
        Date:   Mon Jun 25 15:04:23 2012 -0600
        
            LINARO: template debian.linaro based on omap only version
            
            Signed-off-by: John Rigby <john.rigby.org>

 -- John Rigby <email address hidden>  Mon, 25 Jun 2012 15:04:22 -0600

It seems the interface is recognized, but it's not properly initialized. During boot I got the following logs:

[   14.310852] (stk) : timed out waiting for ldisc to be un-installed
[   15.431427] (stk) :ldisc installation timeout
[   16.514709] (stk) : timed out waiting for ldisc to be un-installed
[   17.631530] (stk) :ldisc installation timeout
[   18.639221] (stk) : timed out waiting for ldisc to be un-installed
[   19.764923] (stk) :ldisc installation timeout
[   20.770599] (stk) : timed out waiting for ldisc to be un-installed
[   21.898559] (stk) :ldisc installation timeout
[   22.895111] (stk) : timed out waiting for ldisc to be un-installed
[   22.901458] Bluetooth: st_register failed -22
[   24.028411] (stk) :ldisc installation timeout
[   25.034118] (stk) : timed out waiting for ldisc to be un-installed
[   26.174468] (stk) :ldisc installation timeout
[   27.238616] (stk) : timed out waiting for ldisc to be un-installed
[   28.349426] (stk) :ldisc installation timeout
[   29.352172] (stk) : timed out waiting for ldisc to be un-installed
[   30.459014] (stk) :ldisc installation timeout
[   31.461334] (stk) : timed out waiting for ldisc to be un-installed
[   32.581359] (stk) :ldisc installation timeout
[   33.622406] (stk) : timed out waiting for ldisc to be un-installed
[   34.788055] (stk) :ldisc installation timeout
[   35.787017] (stk) : timed out waiting for ldisc to be un-installed
[   35.793457] Bluetooth: st_register failed -22

And the output of hciconfig:
root@linaro-ubuntu-desktop:~# hciconfig 
hci0:   Type: BR/EDR  Bus: UART
        BD Address: 00:00:00:00:00:00  ACL MTU: 0:0  SCO MTU: 0:0
        DOWN 
        RX bytes:0 acl:0 sco:0 events:0 errors:0
        TX bytes:0 acl:0 sco:0 commands:0 errors:0