I duplicated this as well. I tried both the qemu-system-arm available in macports and also from homebrew with the same results. Host system is also 10.8 "mountain lion".
I'm running QEMU emulator version 1.4.1 on OS X 10.8.3
Interestingly, this exact same boot command works perfectly on my Ubuntu virtual (in virtualbox) running QEMU emulator version 1.4.0 (Debian 1.4.0+dfsg-1expubuntu4)
So the bug would seem to either be specific to OS X or to the 1.4.1 release.
See the attached screenshot to see what happens in the boot process.
I duplicated this as well. I tried both the qemu-system-arm available in macports and also from homebrew with the same results. Host system is also 10.8 "mountain lion".
My boot command: qemu-system-arm -kernel kernel/zImage -cpu arm1176 -m 256 -M versatilepb -no-reboot -serial stdio -append "root=/dev/sda2 panic=1" -hda pifi-4g.img -redir tcp:5022::22
I'm running QEMU emulator version 1.4.1 on OS X 10.8.3 1expubuntu4)
Interestingly, this exact same boot command works perfectly on my Ubuntu virtual (in virtualbox) running QEMU emulator version 1.4.0 (Debian 1.4.0+dfsg-
So the bug would seem to either be specific to OS X or to the 1.4.1 release.
See the attached screenshot to see what happens in the boot process.