Starting in verbose mode (Cmd+V), the last line I see on the console is:
IPv6 packet filtering initialized, default to accept, logging disabled
This happens regardless of having an ethernet cable plugged in or not.
Starting in single user mode (Cmd+S), I can look around the filesystem, can remount it read write, everything looks ok. I can even start the network using:
mount -uw /
launchctl load /System/Library/LaunchDaemons/com.apple.kextd.plist
launchctl load /System/Library/LaunchDaemons/com.apple.notifyd.plist
launchctl load /System/Library/LaunchDaemons/com.apple.configd.plist
And ping systems on the local network.
When I exit the shell, the boot stops on the same spot.