Same problem on Lenovo Ideapad S12 on clean install of 10.10
Booting with acpi_skip_timer_override solved the problem.

In /etc/default/grub I added
GRUB_CMDLINE_LINUX="acpi_skip_timer_override"

-BIOS-
Date            : 05/13/2009
Vendor          : LENOVO
Version         : 19CN16WW
-Board-
Name            : MoutCook
Vendor          : LENOVO

-Processors-
Intel(R) Atom(TM) CPU N270   @ 1.60GHz          : 800.00MHz
Intel(R) Atom(TM) CPU N270   @ 1.60GHz          : 800.00MHz

-Version-
Kernel          : Linux 2.6.35-22-generic (i686)
Compiled                : #35-Ubuntu SMP Sat Oct 16 20:36:48 UTC 2010
C Library               : GNU C Library version 2.12.1 (stable)
Default C Compiler              : GNU C Compiler version 4.4.5 (Ubuntu/Linaro 
4.4.4-14ubuntu5) 
Distribution            : Ubuntu 10.10
Desktop Environment             : GNOME 2.32.0

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System freezes during boot, unless I hold a key down
https://bugs.launchpad.net/bugs/272247
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