Comment 14 for bug 430348

I too have this problem. although in a slightly different form. I have /boot on a CompactFlash and root on an NFS server.

The entry in grub reads as follows:
title Ubuntu 9.10 kernel 2.6.31-6-generic NETBOOT
root (hd0,0)
kernel /vmlinuz-2.6.31-6-generic root=/dev/nfs nfsroot=192.168.0.30:/mnt/monkey/corona/ ip=dhcp
initrd /initrd.img-2.6.31-6-generic

Boot hangs somewhere very very early, just after init-bottom, although it's hard to see precisely where. Stops after a pile of complaints from udev (inotify_add_watch failed: bad address).