My problem was somewhat similar. Would hang on "importing mailbox "INBOX/Deleted Messages"" Tried all the other things we've seen in discussions. Figured it was that one mailbox(s) that was the problem.
Entered Library (command-shift G, entered ~/Library/Mail/V2/) and went through each account, deleting all the instances of " Deleted Messages N.NN.NN PM.mbox"
Then relaunched Mail, which imported all the mailboxes - except deleted messages or Trash. Trying to import some/all of those deleted messages now. If that works I have to go through and actually delete the ones I am certain I don't need to Spotlight and find.
FWIW, this was a forced upgrade. Failed HD and new install of 10.8. Which was totally working, mail and all. Problem occurred today after upgrading to 10.8.2. Similar issue on a laptop, there I cloned the drive on exterior HD, then swapped out. Zero issues. Hmmmm, wonder what will happen if I upgrade THAT to newest OS. Maybe I'll wait a bit!