Same problem i found with Ubuntu 10.10 after installing updates and reboot.
mount: mounting /dev on /root/dev failed: no such file or directory
mount: mounting /sys on /root/sys failed: no such file or directory
mount: mounting /proc on /root/proc failed: no such file or directory
Target filesystem doesn't have /sbin/init.
No init found. Try passing init=bootarg.

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Kubuntu installs & reboots, but after system upgrade, boot fails.
https://bugs.launchpad.net/bugs/601661
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