Looks like it is back in the latest Panda RC hardware pack:

Created image using:
linaro-media-create --nocheck-mmc --hwpack-force-yes --rootfs ext4 --mmc /dev/sdc --dev panda --binary /home/dooferlad/.cache/linaro/image-tools/fetch_image/snapshots.linaro.org/11.05-daily/linaro-ubuntu-desktop/20110926/0/images/tar/linaro-n-ubuntu-desktop-tar-20110926-0.tar.gz --hwpack ~/Downloads/hwpack_linaro-panda_20110927-1110_armel_supported.tar.gz

Hardware pack from http://snapshots.linaro.org/11.05-daily/linaro-hwpacks/lt-panda-x11-base-natty/20110927/1/

As soon as the desktop loads, the collowing message is seen in a continuous loop:

[  180.596038]  SDP4430 Media: asoc: SDP4430 Media no valid playback route from source to sink
[  180.605255] omap-abe-dai omap-abe-dai: omap_abe_dai_startup: MultiMedia1
[  180.612518] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_params: MultiMedia1
[  180.621337] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_free: MultiMedia1
[  180.628814] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_params: MultiMedia1
[  180.637084] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_free: MultiMedia1
[  180.644622] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_params: MultiMedia1
[  180.652496] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_free: MultiMedia1
[  180.659698] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_params: MultiMedia1
[  180.667877] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_free: MultiMedia1
[  180.675140] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_params: MultiMedia1
[  180.679351] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_free: MultiMedia1
[  180.690002] omap-abe-dai omap-abe-dai: omap_abe_dai_hw_free: MultiMedia1
[  180.697082] omap-abe-dai omap-abe-dai: omap_abe_dai_shutdown: MultiMedia1

This is when connecting my Panda to a monitor over HDMI. When connecting to the same screen using DVI, the screen flickers and I see this message:

[   35.411529] type=1400 audit(1317289260.955:17): apparmor="STATUS" operation="profile_replace" name="/usr/lib/cups/backend/cups-pdf" pid=1748 comm="apparmor_parser"
[   35.427185] type=1400 audit(1317289260.986:18): apparmor="STATUS" operation="profile_replace" name="/usr/sbin/cupsd" pid=1748 comm="apparmor_parser"
[   41.026641] eth0: no IPv6 routers present
[   45.981994] omapdss DISPC error: GO bit not down for channel 2
[   45.988769] omapdss DISPC error: GO bit not down for channel 2
[   52.004089] ieee80211 phy0: device no longer idle - scanning
[   53.670776] ieee80211 phy0: device now idle
[   59.110351] omapdss DISPC error: GO bit not down for channel 2
[   59.117523] omapdss DISPC error: GO bit not down for channel 2
[   71.561553] omapdss DISPC error: GO bit not down for channel 2
[   71.569488] omapdss DISPC error: GO bit not down for channel 2
[   82.827972] ieee80211 phy0: device no longer idle - scanning
[   84.239257] omapdss DISPC error: GO bit not down for channel 2
[   84.247955] omapdss DISPC error: GO bit not down for channel 2
[   84.520050] ieee80211 phy0: device now idle
[   95.628540] omapdss DISPC error: GO bit not down for channel 2
[   95.637298] omapdss DISPC error: GO bit not down for channel 2
[  107.396514] omapdss DISPC error: GO bit not down for channel 2
[  107.404479] omapdss DISPC error: GO bit not down for channel 2
[  118.767883] omapdss DISPC error: GO bit not down for channel 2
[  118.776306] omapdss DISPC error: GO bit not down for channel 2
[  123.096588] ieee80211 phy0: device no longer idle - scanning
[  124.767364] ieee80211 phy0: device now idle
[  130.566772] omapdss DISPC error: GO bit not down for channel 2
[  130.574249] omapdss DISPC error: GO bit not down for channel 2

Trying today's build has the same result. Command used to create image was:
linaro-media-create --nocheck-mmc --hwpack-force-yes --rootfs ext4 --mmc /dev/sdc --dev panda --binary /home/dooferlad/.cache/linaro/image-tools/fetch_image/snapsh
ots.linaro.org/11.05-daily/linaro-ubuntu-desktop/20110929/0/images/tar/linaro-n-ubuntu-desktop-tar-20110929-0.tar.gz --hwpack /home/dooferlad/.cache/linaro/image-tools/fetch_image
/snapshots.linaro.org/11.05-daily/linaro-hwpacks/lt-panda-x11-base-natty/20110929/0/images/hwpack/hwpack_linaro-lt-panda-x11-base_20110929-0_armel_supported.tar.gz