I have moved to Arch Linux and I have never been this happy, everything works like a breeze and in case of any issues, its supported by awesome community and Wiki. If you are also lazy like me and are fed up of distro upgrades after every few months, I suggest giving Arch Linux a try, its rolling release model works perfectly for me.
But this is not review of Arch Linux, I was facing this ugly issue of blank screen after boot. This was giving me serious headache as it would happen randomly and nothing works except Ctrl+Alt+Del. So I decided to google a bit and found that latest kernels have moved video mode setting into the kernel which enables you to have high-res, crisp bootup screen. But unfornutatly it can cause some problems, like blank screen on my Intel GM965/GL960 chipset.
So turns out that, to fix this, all I had to do was append one kernel parameter, except now I have ugly looking bootup screen but I guess I can live with that.
So edit /boot/grub/menu.lst and append
nomodeset at the end of kernel line, in my case it looks like this:
# (0) Arch Linux
title Arch Linux
kernel /vmlinuz-linux root=/dev/disk/by-uuid/743cf04c-7871-49eb-aa38-743d30b75771 ro nomodeset
Hope that helps.