A couple kernel updates later, the kernel still panics on resume, but I
have made a couple new observations.

It is not nvidia. I have removed the proprietary driver and still could
not resume, although the symptom was slightly different: with the nvidia
module installed, the panic is indicated by caps lock and scroll lock
flashing together, then the machine reboots. Without nvidia, it just
hangs forever without any indication of what happened.

It is not wpa_supplicant (although I see this error tightly associated
with the "can't resume from suspend" category of discussions:

 pm-suspend.log:Failed to connect to wpa_supplicant - wpa_ctrl_open: No
such file or directory

   https://bugs.launchpad.net/ubuntu/+source/linux/+bug/995486
   http://ubuntuforums.org/showthread.php?t=1941346 (have seen it reach the 
desktop stage and crash there a couple times) 
   https://bugs.launchpad.net/ubuntu/+bug/993598

(and plenty more)

I have blacklisted my wireless interface (iwl3945) and tried to suspend
without it; the result is the same. Panic without any visible trace.

It may be a simple co-incidence that all these people also have troble
with wpa_supplicant , but definitely a regression, and a relatively
recent one (5-6 weeks).

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https://bugs.launchpad.net/bugs/1018015

Title:
  Regression: the update including linux-image-3.2.0-26-generic breaks
  suspend on Dell m4300

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