After getting frustrated with my Class 4 4GB card (1m40s to boot), I purchased a SanDisk Extreme Class 10 45MB/s from play.com at a great price of £15 inc free delivery.
I encountered 2 issues, namely:
1) when booting from Debian (April 2012 build) it was getting grumpy about mmc hardware interrupts.
2) once issue 1 was fixed, it worked in the text shell but when starting gui (startx) keyboard and mouse became nonfunctional - but Pi had not crashed as taskbar cpu thingy in bottom right of gui ticked by happily.
Here is what I did to fix it (compiled using links from other web resources as mentioned in this post - thanks to all for this) - and it now flies - 17 seconds to boot to login from cold, then 9 seconds to gui from startx command:
(I think I've got it all below but let me know if you have issues...)
- Plugged shiny new SanDisk Extreme SD card into my Windows PC
- Used Win32DiskImager.exe (https://launchpad.net/win32-image-writer) to flash the April Debian Image (from R-Pi downloads screen)
- Safely remove SD card from computer then put it back in (you will now see filesystem on it which is essentially the '/boot' folder of the O/S)
- Download the updated kernel.img and start.elf files (but then went back later and got the rest of the files from here apart from emergency file which would not download) from https://github.com/raspberrypi/firmware ... aster/boot and, using Windows, copied these to the SD card overwriting the old files
(These updates fixed my first issue which would allow me to boot up on the Pi into the text shell - but not fix my second prob of startx at this point)
- Created a new text file called config.txt on the SD Card which sets up the Pi for my monitor spec as follows
hdmi_drive=2
hdmi_group=2
hdmi_mode=16
(after saving the above file I used XVI32 to remove the chr(13)'s)

(The above settings gives me a 1024x768 hdmi out to my flat lcd monitor. I will knock it up to 1920x1050 at a later date once I've done with poking around in the text shell. Its just so I can read text easily.)
- Safe remove SD card
- Insert SDCard and kbd, mouse, ethernet cables into Pi
- Power up Pi
- Login as pi / raspberry
(At this point you may now still experience the keyboard / mouse dying when running startx if you want to test - but I would now carry on as follows:)
sudo passwd
- Set new password as raspberry
- [CTRL]+[D] to logout of pi
- login as root / raspberry
date --s="mm/dd/yyyy hh:ii:ss"
(replace mm dd yyyy hh ii ss with your date / time --- its needed for the next bit)
sudo apt-get install ca-certificates
apt-get update
apt-get update
(again)
apt-get update
(again - for the hell of it)
(on the next line the O are capital "oh's", not zeroes)
wget http://goo.gl/1BOfJ -O /usr/bin/rpi-update && chmod +x /usr/bin/rpi-update
apt-get install git-core
rpi-update
(it will take a couple of mins)
(at this point I got an error but ignored it -- as follows:)
/opt/vc/sbin/vcfiled: error while loading shared libraries: libvchiq_arm.so: cannot open shared object file: No such file or directory
reboot
- Login as root / raspberry
depmod -a
reboot
- Login as pi / raspberry
startx
(all should be OK - works for me)
These helped me (As well as links above):
https://github.com/raspberrypi/firmware ... aster/boot
http://www.raspberrypi.org/phpBB3/viewt ... =28&t=7574
https://github.com/Hexxeh/rpi-update/bl ... /README.md
Thanks!