I'm getting exactly these symptoms after a test upgrade from vanilla Lucid -> 
Precise.  

Upon reboot, the iface is indeed reachable and I can ssh into it within about 
10 seconds but 
on the monitor it says "Waiting up to 60 more seconds for network 
configuration..." error,
and hangs there for a full minute.  The /etc/network/interfaces contains all 
necessary info, 
worked perfectly fine in Lucid, and the interface is indeed reachable the whole 
time: 

root@19r8s12:/etc# ifconfig eth0
eth0      Link encap:Ethernet  HWaddr 54:52:00:08:ea:ee  
          inet addr:192.168.1.181  Bcast:192.168.1.255  Mask:255.255.255.0
          inet6 addr: fe80::5652:ff:fe08:eaee/64 Scope:Link
          UP BROADCAST RUNNING MULTICAST  MTU:1500  Metric:1
          RX packets:377 errors:0 dropped:0 overruns:0 frame:0
          TX packets:122 errors:0 dropped:0 overruns:0 carrier:0
          collisions:0 txqueuelen:1000 
          RX bytes:27347 (27.3 KB)  TX bytes:16381 (16.3 KB)
          Interrupt:10 Base address:0x6000 

root@19r8s12:/etc# cat /etc/network/interfaces

# This file describes the network interfaces available on your system
# and how to activate them. For more information, see interfaces(5).

# The loopback network interface
auto lo
iface lo inet loopback

# The primary network interface
auto eth0
iface eth0 inet static
address 192.168.1.181
netmask 255.255.255.0
network 192.168.1.0
broadcast 192.168.1.255
gateway 192.168.1.1


root@19r8s12:/etc#

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https://bugs.launchpad.net/bugs/881079

Title:
  FIXED: spurious "Waiting up to 60 more seconds for network
  configuration" message at startup, but all network devices are up

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