Guess this issue is solved, but this seems like the best place for my 
comment. 

I always see "davinci_mdio 4a101000.mdio: detected phy mask fffffffe", 
never "fffffffb", so that may be the critical part of your error. 
But I also always see 
-----
libphy: PHY 4a101000.mdio:01 not found
net eth0: phy 4a101000.mdio:01 not found on slave 1
-----
at the end of every boot, even when the ethernet is working. 

I just realized my system says "phy[0]" and "mdio:00" first, like yours 
(this is Ubuntu 12.04):
-----
davinci_mdio 4a101000.mdio: davinci mdio revision 1.6
davinci_mdio 4a101000.mdio: detected phy mask fffffffe
libphy: 4a101000.mdio: probed
davinci_mdio 4a101000.mdio: phy[0]: device 4a101000.mdio:00, driver SMSC 
LAN8710/LAN8720
Detected MACID = 90:59:af:4d:71:eb
cpsw 4a100000.ethernet: NAPI disabled
-----

While my later error message is "mdio:01 not found on slave 1". Instead of 
your "phy[2]" and "mdio:00, slave 0".

This came up for me now because my Wi-Fi adapter just closed itself down 
for no obvious reason. I was handling the board, and might have interfered 
with the RF signal, but I wouldn't think that would make the whole adapter 
disappear from ifconfig. Anyway, at the end of my reboot, I saw:
-----
[    5.444191] libphy: PHY 4a101000.mdio:01 not found
[    5.449248] net eth0: phy 4a101000.mdio:01 not found on slave 1

 * Starting Network connection manager wicd        [ OK ]
 * Starting NTP server ntpd        [ OK ]

Ubuntu 12.04.3 LTS ubuntu-armhf ttyO0

ubuntu-armhf login: [  140.524031] libphy: PHY 4a101000.mdio:01 not found 
 <-- dmesg dumped into terminal session
[  140.529132] net eth0: phy 4a101000.mdio:01 not found on slave 1  <-- 
dmesg dumped into terminal session

Ubuntu 12.04.3 LTS ubuntu-armhf ttyO0
-----

And later:
-----
ubuntu@ubuntu-armhf:~$ [  714.027888] libphy: PHY 4a101000.mdio:01 not found
[  714.033046] net eth0: phy 4a101000.mdio:01 not found on slave 1
[  719.001993] libphy: PHY 4a101000.mdio:01 not found
[  719.007119] net eth0: phy 4a101000.mdio:01 not found on slave 1
ubuntu@ubuntu-armhf:~$ 
-----
With those error messages just appearing in the middle of my logged-in 
terminal session. 

Looking into dmesg, I found other lines interleaved with those:
-----
[  714.027888] libphy: PHY 4a101000.mdio:01 not found
[  714.033046] net eth0: phy 4a101000.mdio:01 not found on slave 1
[  718.999092] net eth0: initializing cpsw version 1.12 (0)
[  719.001963] net eth0: phy found : id is : 0x7c0f1
[  719.001993] libphy: PHY 4a101000.mdio:01 not found
[  719.007119] net eth0: phy 4a101000.mdio:01 not found on slave 1
-----

I've seen that 0x7c0f1 phy ID before, but only long after boot, if the 
Wi-Fi loses signal:
-----
[245583.292875] CNTL - All roaming failed, restore to channel 1, Total 
BSS[00]
[245583.293003] ==>  DMAIdle, GloCfg=0x40000050
[245583.654358] net eth0: initializing cpsw version 1.12 (0)
[245583.657826] net eth0: phy found : id is : 0x7c0f1
[245583.657867] libphy: PHY 4a101000.mdio:01 not found
[245583.663134] net eth0: phy 4a101000.mdio:01 not found on slave 1
[245583.673942] IPv6: ADDRCONF(NETDEV_UP): eth0: link is not ready
-----

I'm not sure what my point is here, except that I see lots of people with 
"phy not found" messages all over successful boots, and since I've dug this 
deeply already I thought I'd share. During my boot fail adventure it was 
very hard to tell which apparent error messages really were part of the 
problem and which seem to be "normal". Turned out I had a hardware failure 
and none of these "not found" messages were relevant. 
https://groups.google.com/forum/#!searchin/beagleboard/lorenamelang/beagleboard/VXYkdt_jvTo/iAgYvzoquK8J

Maybe these clues will help someone...  


On Tuesday, November 26, 2013 2:22:42 PM UTC-8, AndrewTaneGlen wrote:
>
> On a good phy boot I see the following:
> [    2.810749] davinci_mdio 4a101000.mdio: davinci mdio revision 1.6
> [    2.817206] davinci_mdio 4a101000.mdio: detected phy mask fffffffe
> [    2.833517] libphy: 4a101000.mdio: probed
> [    2.837871] davinci_mdio 4a101000.mdio: phy[0]: device 
> 4a101000.mdio:00, driver unknown
>
> Followed later by:
> [   21.286920] net eth0: initializing cpsw version 1.12 (0)
> [   21.301166] net eth0: phy found : id is : 0x7c0f1
>
> On a 'bad phy' boot I see the following (differences highlighted):
> [    2.806763] davinci_mdio 4a101000.mdio: davinci mdio revision 1.6
> [    2.813213] davinci_mdio 4a101000.mdio: detected phy mask *fffffffb*
> [    2.829512] libphy: 4a101000.mdio: probed
> [    2.833875] davinci_mdio 4a101000.mdio: phy[2]: device 
> 4a101000.mdio:02, driver unknown
>
> Followed later by:
> [   21.346861] net eth0: initializing cpsw version 1.12 (0)
> [   21.354379] *libphy: PHY 4a101000.mdio:00 not found*
> [   21.359469] *net eth0: phy 4a101000.mdio:00 not found on slave 0*
>
>

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