I had the same kernel panic problem on my Acer Aspire One with Kubuntu 
8.04-Alternate just after my last kernel update, with an additional issue, 
however: upon initial installation I had chosen to encrypt my hard drive 
(brilliant idea !!), hence I cannot even see the GRUB sequence at boot-up.
All I see is the kernel panic screen as soon as I power on.
Has anyone any sort of creative idea over how I could recover my encrypted hard 
drive ?

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Kernel panic after update to 2.6.24-23 on Acer Aspire One netbook
https://bugs.launchpad.net/bugs/322867
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