Comment 42 for bug 47768

similar bug in https://bugs.launchpad.net/ubuntu/+source/linux/+bug/262588
i had same issue.

i typed down what bootup says:
""
after choosing kernel 2.6.27.1,
after pages of scrolldown,

usbhid: V2.6: USB HID core driver
(waits a bit here..)

Gave up waiting for root device. Common Problems:
- Check rootdelay=....
- Check root= ...

....
ALERT! /dev/disk/by-uuid/e106675b-3a7d-4ab2-9f88-029edf3700ba does not exists. Dropping to a shell.

BUSYBOX v.1.10.2
..

İ look here for that device,

cd /dev/disk
ls
by-id ... (no by-uuid)

cd by-id
ls
SCSI-IATA_SAMSUNG......(mydrive)

but there is no device in /dev/disk/by-uuid/

i think the problem is this.
new kernel cannot build up /dev dir properly...

hope this will give you an idea.