I knew I should have written this down. I run debian unstable, and the same thing happened to me about a month ago. Although I can't really help(I've been drinking--it is saturday night
, I can tell you that it's not something that you need to reinstall debian for, or risk losing your information. If I recall right, it was because my version of lilo was screwed up. When I did my usual updates, I couldn't boot back in.
While I'm not sure that's your case, it could also be a bad kernel config. If you're new at linux, and you don't have anything to lose, a reinstall won't kill you, and might be easier (although it pains me to say that, windows users don't seem to mind). If you're competent with linux, or at least willing to play with linux a little, you might want to look into chroot. I think I fixed it by chrooting into my system from a boot disk, then running lilo from a different version of lilo than I'd just installed.
Like I said, this is a guess, and I've been drinking, so I'm sorry if this doesn't help. The main reason I posted it was to let you know that it's just an oddball error, not something that means your system is trashed, or really hard to fix. It took me only a couple minutes to fix it once I understood what was wrong...and of course, I forgot to write it down.