I had the same booting problem with 3.2
so just to say I compiled the last 3.3 RC1 version of the kernel and the problem seems to be corrected for this version even if as it's an RC1 it's really unstable. But it's booting. It seems that there is a lot of change for the kirkwood arm arch, so maybe we could isolate the necessary part of the patch that could solve the booting issue.
I've started looking inside the code but since i'm not a high level programmer i can't promise I will find out the solution. But anyway we can be sure the dreamplug will boot with the next release