Comment 6 for bug 881079

> drwxr-xr-x 2 root root 40 2011-10-24 21:25 static-network-up-emitted

This shows that /etc/network/if-up.d/upstart triggered successfully and the 'static-network-up' event was sent. That should cause /etc/init/rc-sysinit.conf to be triggered very quickly, and result in 'runlevel 2' being emitted, stopping the failsafe job before it ever displays this message.

However, since /etc/init/failsafe.conf only stops on 'runlevel', and *not* as soon as static networking is done, any delays in running /etc/init.d/rcS or any delays bringing up the filesystem could cause this message to still be displayed.

So I'll reassign this to upstart, since I think there's a real bug here in /etc/init/failsafe.conf; either it needs to only wait for the network or it needs to give a clearer message explaining that the filesystem can also be the culprit.

Now, in your case: can you attach /etc/fstab from this system, and the output of 'ls -l /etc/rcS.d' ?