Kernel Panic with Latest AS v.4 update

[Dean Landry]

The RHN just released an update to my kernel (2.6.9-5.03.ELsmp).  I 
installed it using up2date and then restarted the machine.  I got a 
Kernel Panic when I restarted so I've rebooted into the old kernel 
(2.6.9-5.ELsmp). 

The lines leading up to the error were:

Red Hat mash version 4.1.18 starting
Mounted /proc filessystem
Mounting sysfs
Creating /dev
starting udev
Loading jbd.ko module
Loading ext3.ko module
Creating root device
mkrootdev: label / not found
Mounting root filesystem
mount: error 2 mounting ext3
mount: error 2 mounting none
Switching to new root
switchroot: mount failed: 22
umount /initrd/dev failed: 2
Kernel panic - not syncing: Attempted to kill init!

How do I start to troubleshoot this?

Thanks,

Dean