All the script loading I can see at the boot seems to be OK.
From my point of view the starting of X is the problem as everything goes smoothly until the display changes to graphics. Then I can watch the sand clock for minutes.
For those that are interested, I posted the log file of a boot at
How can I initiate the verbose mode so that I can see what happened during the startup of X?
I did the update using the Actualize Mandrake Menu item of KDE (as I am using a German version I don't know what the exact English name is.