My Fedora 16 doesn't boot anymore after update to 3.2.1. After choosing kernel from Grub, I get nothing but the black screen. I can hear the specific hard disk noise as if it is booting for 3-4 sec. Almost same thing happens in Arch with kernel 3.2.1 and 3.2.2 (from testing) - but here I can see all the booting process, but before initializing network (probably) I get something like this https://bugs.archlinux.org/task/28013?getfile=8095 and then I can't do anything at all. My hardware is: ASUS P5Q Pro, Core 2 Duo E8500, GeForce GTX 550 Ti. Everything works perfect with 3.1.9 (thanks to Fedora which doesn't delete old kernels after updating). I can attach all the logs from both Arch and Fedora, just ask me what you need to look at. Sorry for my English :)
If this is still a problem try booting with the option "nomodeset" and report back
This bug was fixed in 3.4 and 3.5 works fine as well, so I'm closing it.