fbcon is loaded so it isn't an issue.
I tried 3.10 kernel initially (the above messages are from it), next I tried 3.13 kernel too, and that one behaves exactly the same.
As far as I remember, this system never worked with graphics well. Previous kernel (from which I updated) was 3.2 which had no gma500 module (local build).
What are the steps to debug this further?
Check you have X86_SYSFB and SIMPLEFB disabled
Boot with drm.debug=6
collect the logs