I can confirm this behavior as well,
I have a Celeron 2GHz+Intel 82845 motherboard on my desktop
During bootup/shutdown, all I can see is a blinking cursor on top left corner 
on my screen.
if I wait for some time (5 minutes typically), GDM comes up fine.
On Kubuntu, KDM never comes up and the PC freezes at blinking cursor.
Same scenario is observed even if I boot from the (K)Ubuntu Edgy CD.
by the way dapper works fine.
Thanks!

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No usplash on boot/shutdown
https://launchpad.net/bugs/68012

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