Actually, I do have some more info:

My host is still Precise (12.04.1), I upgraded one of my VMs to 12.10.
Now that VM refuses to boot and shows the same symptoms: black screen
with high CPU usage.

All other VMs still work fine.

I'm considering upgrading my host to 12.10 but I'm a little wary.

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https://bugs.launchpad.net/bugs/1023896

Title:
  black screen after "Install Ubuntu Server"

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