Explaining Ubuntu's 10 Second Boot Time
Canonical's Scott James Remnant has now outlined more on their plans for the Ubuntu boot performance targets with Ubuntu 9.10 and 10.04 LTS. The main areas that developers will be working on is speeding up the X Server start-up process and improving initramfs.
More information on these efforts can be found on the Ubuntu mailing list (along with slides from the UDS talk on boot performance). Canonical is looking at approaching the boot times of what's possible right now through Moblin V2.