Xen style KVM setup problems

I've recently migrated my Xen setup to KVM and it's been working fine so far. I've been using external kernels(ie. -kernel /var/xen/gentoo/bzImage-2.6.31-gentoo-r6) and LVM partitions (ie. -drive if=scsi,index=0,file=/dev/mapper/dvg1-mylvmpart). It all worked wonderfully fine with qemu-kvm-0.11.1, but after upgrading to qemu-kvm-0.12.1.1 my guests just hang in the BIOS screen. It happens on both of my KVM servers... both amd64.

Anybody experiencing the same problems or is it just a bug in my setup?

And BTW Happy New Year!

Update 01012010: This appears to be solved with the latest qemu-kvm-0.12.1.2. Yay!