Won't boot after upgrade FC2 to FC3 on Dell 2650, LVM problem?

[Deron Meranda]

I have a Dell PowerEdge 2650 (dual Xeon) which was running FC2.  I
upgraded to FC3 and after the first reboot it failed to start the
kernel.  It looks like it is having trouble reading or mounting the
filesystems.  The upgrade process itself went flawlessly.  Also it was
initially installed/built with FC2, and no non-Fedora software had
ever been loaded on it.

For information this system has built-in hardware SCSI RAID.  Except
for the /boot partition, the whole logical disc was set up to use LVM.
 All filesystems within the LVM group were ext3.  I've tried booting
with both the SMP kernel as well as the single-processor kernel, with
the same results.  This is what appears during the initial boot text
(I copied this off the screen manually, so there may be typos)....

++++++++BEGIN+++++++
Booting Fedora Core (2.6.9-1.667smp)
root (hd0,1)
  Filesystem type is ext2fs, partition type 0x83
kernel /vmlinuz-2.6.9=1.667smp ro root=/dev/vg00/lvol00 rhgb quiet
  [Linux-bzImage, setup=0x1400, size=0x14d2a0]
initrd /initrd-2.6.9-1.667smp.img
  [Linux-initrd @ 0x37ee5000, 0x10ab88 bytes]

Uncompressing Linux... Ok, booting the kernel.
audit(1101329215.035:0): initialized
Red Hat nash version 4.1.18 starting
   Reading all physical volumes.  This may take a while...
   No volume groups found
   No volume groups found
   No volume groups found
mount: error 6 mounting ext3
mount: error 2 mounting none
switchroot: mount failed: 22
umount /initrd/dev failed: 2
Kernel panic - not syncing: Attempted to kill init!
+++++++++END++++++++

At that point the system was locked up and only the power off/on would restart.