Before the update I had linux-raspberrypi-3.1.9-33-arm and raspberrypi-firmware-20120418-2 installed. After I upgraded to raspberrypi-firmware-20120729-1, the kernel refused to boot (no kernel panics or messages) but start.elf started.
Copying start.elf from raspberrypi-firmware-20120418-2 (old firmware) causes it to boot, but then the kernel panics.
Kernel panic - not syncing : Attempted to kill init
PANIC:Attempted to kill init!
Removing all the USB devices it managed to boot into a crippled state.
cmdline.txt
smsc95xx.turbo_mode=N dwc_otg.lpm_enable=0 console=ttyAMA0,115200 kgdboc=ttyAMA0,115200 console=tty1 loglevel=2 root=/dev/mmcblk0p2 rootfstype=ext4 rootwait
Why won't the new firmware work at all?
EDIT: All of the firmware packages in the mirrors are useless except for the old image
