What version of qemu are you using? I tried building my own image, and I don't see the failure. I'm using Coreboot v3 1123 like you are, OpenBIOS 428, and qemu 0.9.1-5ubuntu3. I'm attaching my log. I guess it could be a difference in the configuration of OpenBIOS too.
I think I mentioned in my original email that I was using SVN pulls of all 3 of openbios, coreboot and qemu. In fact a quick check here shows:
Sorry I forgot that.
coreboot-v3: r1123 openbios: r428 qemu: r6466
It looks as if you may have found part of the problem with regard to the qemu version; I've just compiled up qemu 0.9.1 from source and tried it with the same bios.bin generated from coreboot-v3/openbios above - and it boots! So perhaps qemu is involved in this somehow? Can you verify at your end?
Yes. qemu 0.9.1 works with v2+OpenBIOS and v3+OpenBIOS, but the latest qemu doesn't. The latest qemu works with v2 or v3 +OpenBIOS r186, so it looks like an interaction between OpenBIOS and qemu.
HTH, Myles