I am getting a kernel panic as well. When I boot with -v the last two lines I get are

Feb 19 04:53:10 localhost mDNSResponder [21]: Couldn't read user-specified local hostname; using default bMacintosh-001A73C67355.
localb instead
Feb 19 04:53:43 localhost kextd[10]: IOKitWaitQuiet() timed out waiting to write kernel symbols

I have tried both GUID and MBR installs and I get the same error. My system specs are as follows:

HP tx1320us Tablet
Processor: AMD Turion 64 X2 TL-60 (2.00 GHz)
GPU: NVIDIA GeForce Go 6150
System Chipset: NVIDIA nForce Go430
Wireless NIC: Broadcom 802.11 A/B/G/N
HDD: SATA 250GB
RAM: 2GB DDR2-PC5300
Audio: Sound Blaster Pro

I read a few places I should try disableing my network cards, but being an HP the BIOS lets me change the boot order and check the time. Pretty useless. If this is the case. Is there a work arround? Any help would be much appreciated.