Yes, it's another problem with syslinux.
I have an Acer Aspire One with an Atom N270 and Intel GMA950 video card.
I had strange problems with Ubuntu 12.10 which forced me to wipe the drive (If I still get these issue, I'll talk about them some other time).
So I downloaded the Desktop 32 bit ISO (i386), put it on a key using Universal USB Installer and tried to boot from it. I get the syslinux header (the Peter Anvin line) and then nothing. I tried reinstalling it on the key using unetbootin and LiLi but both gave me the same result.
Now, I do know ubuntu works on this machine as I have been successfully upgrading the OS since version 10.something. I also know it's not a booting failure since I have been able to boot UBCD4Win and Puppy Linux without fault.
I tried downgrading to LTS 10.4 but still get the same problem. I tried booting from a different USB Stick, same problem.
So, the big question is: what now?