For me it's not so simple. Problem from this bug I've with my laptop
(Dell D610) and it's rather usplash related. Bug 138691 is IMHO related
to network-manager or init/shutdown scripts in general. I had such
messages on both of my PC's - on Dell D610 with wireless connection
right now with kernel 2.6.24-16 maybe has such messages but since I see
correct usplash screen it's hard to tell (but I can chceck it by
swiching consoles). On my second PC I had this problem with wired
connection, but as I reported there I've fixed this by disabling roaming
connection for eth0 and setting it to DHCP - everything works OK and
usplash screen behaves normally until full shutdown.

So for me bug 138691 is 100% network-manager related - I ensured myself
after reading that starting from Hardy network-manager operates only on
interfaces working in roaming mode. So it's clear situation for me -
network-manager with roaming mode enabled on eth0 produces this bug and
when I disable it everything is OK.

-- 
Update from linux-image-2.6.24-16-generic to linux-image-2.6.24-17 breaks 
usplash shutdown screen
https://bugs.launchpad.net/bugs/226439
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