This issue still exists in hardy heron amd64. I've got an Asus M3N78-EH as 
motherboard. But the only way I get this message is when I try to boot the 
breezy Live CD. In hardy with the options splash and quiet removed it stops 
after it detected the SATA II harddisk. If I disable APIC in the BIOS there is 
one more line, which tells me that there is no floppy and it stops too. After 
it times out it tries again and again until I get into BusyBox.
I had almost the same issue with my old motherboard, and Asus M2NPV-VM. If you 
can read Dutch, I've posted the story about that here: 
<http://www.qense.nl/posts/nieuwe-computernieuwe-computer/>.

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Kernel panic - not syncing: IO-APIC + timer doesn't work!
https://bugs.launchpad.net/bugs/54621
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