I can report the same problem. A number of diskless clients go
flawlessly through a PXE boot, then the net interface is brought down
when the Linux kernel boots and suddenly, dhcp does not work anymore.

Background research on the network: The clients are connected to Cisco 
switches. The configuration of the switches makes them run spanning-tree 
calculations. This usually takes some seconds but for large networks it can 
take up to 30 40 seconds. 
The network port on the switch is turned on, when this calculation has been 
finished. This is primarily a security measure. 
See also: http://networkers-online.com/blog/2008/08/what-is-bpdu-filter/  
If this security measure is turned off, the client boots without problems. :) 

To debug the problem, the following boot line was used:

  kernel amd64/vmlinuz
  append ro initrd=amd64/initrd.img nbdport=2000 debug=100 break=1 ip=dhcp 


In my case, this causes a timeout as can be seen on the attached screenshots. 
The kernel loads the NIC module e1000e and reports the type of NIC et.c. The 
kernel reported  is 5.927 . 

The debug shows the following:

configure_networking
[ -n eth0 ]
 [-e /tmp/net-eth0.conf ]
ipconfig -t 60 eth0 

At about 6.4 in kernel time, the NIC module reports further about it's IRQ 
configuration. 
Two seconds (2 sec) later at about 8.56 the NIC module reports that the Link is 
up at 100 Mbps full duplex. 
Some milliseconds later it signals ADDRCONF(NETDEV_CHANGE): eth0: link becomes 
ready . 

At this point in time, ipconfig is just waiting for an answer to the 
DHCP-discover that really was choked by the switch. 
Now this is an obvious flaw in the script. It would be much more reasonable to 
try repeatedly with increasing timouts. 

may I suggest the following timeouts: 
4 
8
16
30 
60

The sum of this timeout is about 120 seconds.

** Attachment added: "20100303219.jpg"
   http://launchpadlibrarian.net/41016107/20100303219.jpg

-- 
problem about diskless booting
https://bugs.launchpad.net/bugs/181258
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