Hello,
Month ago, during 11.05 release testing, we had a case when Pandaboard didn't boot with one particular build and one particular card, while worked well with with other combinations.
During this test cycle, I hit similar conditions, which I however was able to trace to the following: if at the moment of reset/boot, there's a cable connected from Panda USB OTG (small) connector to host, it won't boot from SD. The D2 LED will light for about a second, then both will be off. Nothing is output on serial. As soon as you unplug cable from the host, all boots again.
I'm not sure if this is a known condition, but guessed I'd share it.