This is not a kernel issue, since I have the same problem with 
2.6.27-11-generic kernel.
I workaround this issue by downgrading udev to intrepid version (124-9).

I have reported this bug before as #321927

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Terminal emulators can not start a bash shell in 2.6.28-4
https://bugs.launchpad.net/bugs/313947
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