I am having the same problems with a similar machine. I read somewhere
that I should do it with noacpi mode. I am booting now at the moment
with this option and it is also taking so much time.

Everything went fine until 
*Configuring network interfaces...[OK]
init: tty3 main process ended, respawning
init: tty2 main process ended, respawning
init: tty1 main process ended, respawning
init: tty6 main process ended, respawning

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cannot install 7.10beta(cpu:Intel celeron 530,display:Mobile Intel Graphic 
Media Accelerator X3100)
https://bugs.launchpad.net/bugs/148477
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