I am not sure if this is a bug or not. There were a number of changes in the bootloaders after beta5, you definitely cannot boot nightlies with beta5 BIOS loaders at least (the EFI loader may work though.) A syslog up to the stall point would be necessary to diagnose.
This is the other way around, I’m trying to boot beta5 with an EFI bootloader from a nightly. Here is the photo of the syslog (normal boot and disabled SMP on the right):
Ah, I think the problem here is that the APIC timer initialization was moved after beta5 from the bootloader to the kernel. So, indeed this won’t work.