Hmm... The problem is gone for me. I think it may be related to the latest changes in linux-source-2.6.20, particularly this one:
* i82365: Probe before adding platform dev.
- GIT-SHA 06fd3fa13e3b336fcea01c326f3af314e5f37688
Not even adding kern.log, as it looks OK.
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adds/removes same device many times a second causing high loads and extremally
slow performance
https://launchpad.net/bugs/81915
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