A similar problem brought me a solution at:
https://jamfnation.jamfsoftware.com/discussion.html?id=12589
It had me boot into the recovery Partition, shut off the wireless networks, then reboot.
It worked.
The theory has to do with it attempting to authenticate over the wireless and getting stuck there. Shutting off the wireless forces it to use cached credentials (or just stop trying?), so the boot completes through the progress bar.
This thread:
After having installed Yosemite 10.10, my computer stalls permanently during startup. Safeboot solves the problem. Idea’s about how to discover what is causing the hang during startup?
implicates McAfee.
I just had this issue on an iMac I upgraded to Yosemite, thus the late post. We're mostly PC's here. It was too useful not to get the search results into Google.