Comment 7 for bug 838968

I just uploaded, but wanted to put some evidence of this being fixed here.
On the system that was taking 45 seconds for dhcp (where we saw this bug) we have:

$ ls -altr --full-time /run/network
total 4
-rw-r--r-- 1 root root 0 2011-09-02 15:46:56.877861983 -0400 ifup.lo
drwxr-xr-x 2 root root 40 2011-09-02 15:47:34.157861476 -0400 static-network-up-emitted
-rw-r--r-- 1 root root 0 2011-09-02 15:47:34.157861476 -0400 ifup.eth0
-rw-r--r-- 1 root root 16 2011-09-02 15:47:34.157861476 -0400 ifstate

Then, in /var/log/cloud-init.log:
2011-09-02 15:46:57,745 - cloud-init[INFO]: cloud-init start-local running: Fri, 02 Sep 2011 19:46:57 +0000. up 7.91 seconds
2011-09-02 15:46:57,755 - __init__.py[DEBUG]: searching for data source in ['DataSourceNoCloud']
2011-09-02 15:46:57,764 - __init__.py[DEBUG]: Did not find data source. searched classes: ['DataSourceNoCloud']
2011-09-02 15:47:34,300 - cloud-init[INFO]: cloud-init start running: Fri, 02 Sep 2011 19:47:34 +0000. up 44.51 seconds

Note, 'ifup.lo' was created at 46:56, and that cloud-init local ran at (utc) 46:57.
ifup.eth0 and static-network-up-emitted were created at 47:34 (38 seconds later) and cloud-init started at 47:34 (immediately following).