Someone posted the issue goes away if you don't turn on your connected Blutooth devices (keyboard & mouse) before boot up. I think you can turn on the Blutooth devices when the grey screen pops up because this is after the initial "Power On Self Check" or whatever it's called.
I was having this "Black Screen of Death"... well, not really "Death" but it was annoying haveing to type "exit" from what looked like a DOS screen on a Mac. 🙂
I was having other issues with Internet connectivity too. Could connect to the wifi easily enough but the internet connection would hang after a little while. Could not access Software Update or any web locations via Safari. I had to SMC, PRAM though a simple Restart would work some of the time. It was as if the some conflicting module would load at some point causing the Internet connectivity to hang.
I had been messing around with my Users directory while moving it to an external disk array so I errased "Macintosh HD" and installed OS Mountain Lion again from scratch - a clean installation.
After this clean installation I was still having the problem of the Internet hanging until I hooked up the Netgear Gateway to an Apple Time Capsule, wich seems to have stabilised the connectivity somewhat. I intend to connect the AppleTV and any other networked devices to this Time Capsule Hub and use it's 1TB internal drive with Time Machine if I decide I don't mind plugging in an additional exteral drive like a Seagate GoFlex.
Anyway, I'm using an early 2009 iMac and the Single Boot (black "DOS-like" screen) and WAN instability seem to have been eliminated... for now.