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Here is my experience with this issue:

I have a fresh install of 11.10 running since Alpha 2 - NEVER had ANY
sorts of problems

I have another image running 11.04 without any problems. Today I decided
that I would upgrade my 11.04 to 11.10 and since my 11.10 did not show
any problems, I did it with confidence.

After reboot, I saw the "waiting for network" issue. From there, it booted to a blank screen. 
Tried booting with the splash turned off in text mode and noticed dbus was not starting followed by the waiting for network issue. Still it booted in to blank screen.

Next tried to boot in to single user mode, noticed the network no longer
lists eth0 in interfaces file.

tried booting with "init 5" from here with no success.

Then read about the lightdm issue and migration to /run, so I did as follows:
0) Start dbus manually
1) start "gdm" from single user mode
2) log in
3) desktop appears, unity appears, task bar appears
4) start ANY program, the icon shows in unity but the app window is not visible. Not a single window is visible ... even shutdown dialog
5) reboot

Repeat the above steps, but now select "ubuntu 2D" in step (2) above.
Now its fine, can see app windows, interact with them etc. No network
still.

Now I did 
1) run dpkg-reconfigure lightdm like "Michael" said above
2) Moved the files from /var/run to /run and /var/lock to /run/lock and made symlinks (thanks Gabriel Thörnblad)
3) Cleaned out the dbus directory under /var/dbus (from Alexandre Devaud #17)
4) install VBOX addons (again ... to try to get network back)
5) reboot

Now it seems like everything is fine.

I suspect
upgrade script is not working properly and failing in migrating the file from /var/run & /var/lock to their new location. This is causing the dbus to fail and hence lightdm gets messed up and doesnt start which results in blank screen and no app windows. 

Not sure why my ethernet related settings disappeared though.

Hope this helps others

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https://bugs.launchpad.net/bugs/856810

Title:
  Boot hangs at "Booting system without full network configuration..."

Status in “lightdm” package in Ubuntu:
  Invalid
Status in “upstart” package in Ubuntu:
  Confirmed

Bug description:
  I installed Ubuntu 11.10 beta1 64bit on a new laptop. I rebooted and
  it came up nicely.

  After that I did "apt-get update" and "apt-get dist-upgrade" to get
  the most recent fixes and installed some additional software.

  Now I do not seem to be able to boot.

  Fist I see:
  Waiting for network configuration...

  Then I see:
  Waiting up to 60 more seconds for network configuration...

  And then it just hangs forever displaying the following:
  Booting system without full network configuration...

  Nothing happens after that, no matter how long I wait. However, I can
  switch to the console with CTRL-ALT-F1 and log in from there. The
  network is configured with DHCP and it works just fine from the
  console. I do not understand what the GUI boot display is waiting for.

  I installed the system using the alternate install CD to get LVM based
  partitions with full disk encryption.

  I noticed the bug #847782 and removed the "auto eth0" entry from my
  /etc/network/interfaces. Unfortunately that did not change anything,
  it still hangs forever.

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