I have this bug also after upgrading to Raring. I have also tried 
0.103ubuntu0.7 and rebuild the initramfs. No luck, at boot it drops to busybox 
and exit command does nothing, it spawns busybox again. At /dev/disks i have 
only the dvd drive, not a single hdd is shown.
If i boot the system with the old kernel from 12.10 (3.5.0.26) all is working 
great.
Is there any way that i could run 3.8, thank you.

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https://bugs.launchpad.net/bugs/1154972

Title:
  after update-initramfs -u  the system boot to busybox shell

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