I have a similar, if not the same, problem.

Also running an Asus motherboard - P5VD2-MX - the Jaunty Beta Live CD
and Alternate install cd don't recognise my hard-drive at all so could
not install. When running the Live CD, it mounts my external backup
drive, but not my hard-drive. Hard-drive doesn't show up in dmesg or
lspci outputs.

I tried a live CD of Intrepid without any problems - hard-drive is
recognised and mounted.

So, instead of a clean install of Jaunty, I successfully did an upgrade
from Intrepid to Jaunty Beta and on reboot got the same blank
screen/blinking cursor.

Rebooted and am able to run Jaunty using kernel 2.6.27-7-generic, which
was another option in grub menu. Kernel 2.6.28-* just hangs at boot,
presumably because it doesn't see my hard-drive.

-- 
linux 2.6.28 don't boot
https://bugs.launchpad.net/bugs/343268
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