I had this same problem, and after doing some research I was able to fix
it on my system.

After the error message I would be at a command prompt in a maintenance mode.  
Before I could write to fstab I had to run this command:
mount -o remount,rw /

After that, edit /etc/fstab and comment out the line with that starts
with devpts.

Hope this works for everyone else.

-- 
Mount of root filesystem failed
https://bugs.launchpad.net/bugs/468450
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