Attached patch seems to produce desired effect for me; I get this output:
U-Boot SPL 2011.06-dirty (Aug 17 2011 - 14:34:54)
Texas Instruments OMAP4430 ES2.1
OMAP SD/MMC: 0
reading u-boot.img
reading u-boot.img


U-Boot 2011.06-dirty (Aug 17 2011 - 14:34:54)

CPU  : OMAP4430
Board: OMAP4 Panda
I2C:   ready
DRAM:  1 GiB
MMC:   OMAP SD/MMC: 0
Using default environment

In:    serial
Out:   serial
Err:   serial
Net:   No ethernet found.
Hit any key to stop autoboot:  0
reading boot.scr

** Unable to read "boot.scr" from mmc 0:1 **
reading uEnv.txt

** Unable to read "uEnv.txt" from mmc 0:1 **
reading uImage

** Unable to read "uImage" from mmc 0:1 **
(Re)start USB...
USB:   Register 1313 NbrPorts 3
USB EHCI 1.00
scanning bus for devices... The request port(2) is not configured
The request port(2) is not configured
3 USB Device(s) found
       scanning bus for storage devices... 0 Storage Device(s) found
       scanning bus for ethernet devices... 1 Ethernet Device(s) found
Waiting for Ethernet connection... done.
BOOTP broadcast 1
DHCP client bound to address 172.17.0.2
missing environment variable: pxeuuid
missing environment variable: ethaddr
Retreiving file: pxelinux.cfg/01-2E-40-72-A2-6C-0A
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/01-2E-40-72-A2-6C-0A'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x8008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/AC110002
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/AC110002'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x8008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/AC11000
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/AC11000'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x88008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/AC1100
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/AC1100'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x8008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/AC110
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/AC110'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x88008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/AC11
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/AC11'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x8008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/AC1
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/AC1'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x88008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/AC
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/AC'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x8008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/A
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/A'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x88008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Retreiving file: pxelinux.cfg/default
Waiting for Ethernet connection... done.
Using sms0 device
TFTP from server 172.16.0.254; our IP address is 172.17.0.2
Filename 'pxelinux.cfg/default'.
Load address: 0x88000000
Loading: EHCI timed out on TD - token=0x88008d80
T
TFTP error: 'File not found' (1)
Not retrying...
File not found
Config file not found
Ignoring unknown command: �
Panda #