Comment 5 for bug 839595

Oh yes, changing that value in failsafe.conf brings back the old boot times:
tried setting to 12 and then 1, and it definitely fixed things: ( I added the //comments )

Wed Sep 7 17:13:34 PDT 2011. Boot Time [s]: 156 // Sleep 120
Wed Sep 7 18:59:59 PDT 2011. Boot Time [s]: 51 // Sleep 12
Wed Sep 7 19:04:28 PDT 2011. Boot Time [s]: 48 // Sleep 12
Wed Sep 7 19:10:36 PDT 2011. Boot Time [s]: 37 // Sleep 1

 This is how it looks now:

#################
santisofi@minime:~$ cat /etc/init/failsafe.conf
# failsafe

description "Failsafe Boot Delay"
author "Clint Byrum <email address hidden>"

start on filesystem and net-device-up IFACE=lo
stop on runlevel

pre-start exec sleep 1
#################

So, it looks like, around Sept 3, something changed with an update, and I started going to sleep for 30 secs (so boot times went around 30 sec longer). Then, this recent change to 120 added extra 90 secs. I looked around in dmesg and didn't find anything obvious. I will attach it shortly, regardless.

Thanks!
Leo