Blank screen during USplash boot in Edgy (regression from Dapper)

With USplash enabled my system boots (and is fine once I reach X) but the screen shows a "signal out of range" error (over a blank screen) while usplash should be displaying the splash screen. I have tried setting the kernel option to the appropriate mode for my monitor (vga=794) but the problem still occurs. This is a regression since my upgrade to edgy (had no problem in dapper).

Don't know if it helps but the only relevant sounding bit of the logs is:
Oct 29 16:38:14 localhost kernel: [17179573.740000] vesafb: framebuffer at 0xd0000000, mapped to 0xe0880000, using 5120k, total 65536k
Oct 29 16:38:14 localhost kernel: [17179573.740000] vesafb: mode is 1280x1024x16, linelength=2560, pages=24
Oct 29 16:38:14 localhost kernel: [17179573.740000] vesafb: protected mode interface info at c000:546d
Oct 29 16:38:14 localhost kernel: [17179573.740000] vesafb: scrolling: redraw
Oct 29 16:38:14 localhost kernel: [17179573.740000] vesafb: Truecolor: size=0:5:6:5, shift=0:11:5:0

-Shaun