Confirmed two different hosts with different hardware.
The second server had this setup:
ii qemu-common 0.12.5+noroms-0ubuntu7
qemu common functionality (bios, documentation, etc)
ii qemu-kvm 0.12.5+noroms-0ubuntu7
Full virtualization on i386 and amd64 hardware
head /proc/cpuinfo
processor : 0
vendor_id : GenuineIntel
cpu family : 6
model : 30
model name : Intel(R) Core(TM) i7 CPU 860 @ 2.80GHz
stepping : 5
cpu MHz : 1197.000
cache size : 8192 KB
physical id : 0
siblings : 8
Linux therabbit 2.6.35-23-server #41-Ubuntu SMP Wed Nov 24 12:12:17 UTC
2010 x86_64 GNU/Linux
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https://bugs.launchpad.net/bugs/712878
Title:
KVM guest hangs on 'booting from hard disk' 10.10 for guest and host.
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