I can confirm this. The exact error message is:
One or more of the mounts listed in /etc/fstab cannot yet be mounted:
/: waiting for xxx.xxx.xxx.xxx:/opt/ltsp/i386
/tmp: waiting for (null)
Press ESC to enter a recovery shell
(xxx. etc is the correct server ip)
** Changed in: ltsp (Ubuntu)
Status: New => Confirmed
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karmic ltsp client stops boot on nfsroot mount with mountall exit code 1
https://bugs.launchpad.net/bugs/485709
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