https://bugzilla.kernel.org/show_bug.cgi?id=62541
--- Comment #1 from Adrian Byszuk a.byszuk@elka.pw.edu.pl --- OK, I was able to track down the problem more precisely.
In my rc.local I have: echo OFF > /sys/kernel/debug/vgaswitcheroo/switch
for switching discrete graphics after boot. With this line booting fails. But when I change it to: sleep 5 echo OFF > /sys/kernel/debug/vgaswitcheroo/switch
kernel is booting just fine.
So I think the problem is that systemd is, unlike the old init, executing rc.local just in the beginning which switches discrete graphics just in the beginning of system startup.