This is more or less fixed now in feisty (the local-top/mdadm script needs a little "sleep" to wait for my block devices to appear). I'm closing this bug.
** Changed in: initramfs-tools (Ubuntu)
Status: Unconfirmed => Fix Released
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initramfs does not handle whole-disk raid devices and partitionable arrays
https://launchpad.net/bugs/48756
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