I had a very similar symptoms recently, and I think we have tracked down the problem. It is not network related. I described it on MacInTouch.com:
A client brought me an iMac that would not boot. He had recently upgraded to Yosemite and had been using it for some weeks, but this symptom popped up unexpectedly. The new Yosemite boot screen with its progress bar would make it about one quarter of the way and then the screen would just go white and nothing else would happen (I do hear some disk activity for a short time after this happens; can't see anything helpful in the logs).
The first thing I tried to do, of course, was boot it in Safe Mode, which worked fine. (Incidentally, every computer running Yosemite in Safe Mode has weird venetian-blind graphic effects, which I guess is normal.)
The first assumption is that some startup item is interfering. This client runs a unusually clean system; the only third-party program is QuickBooks. There were no startup items anywhere, aside from iTunes Helper.
Ran DiskWarrior, permissions repair, zapped PRAM, checked SMART, etc.; things were working fine, so I returned the computer. Back in its old digs, it promptly refused to boot again.
I spent about a day finding all kinds of people with similar problems online, most of which turned out to be network-related, not applicable in this case. I reinstalled Yosemite and did some other things. It would be fixed and then misbehave again after being unplugged for a while.
At this point I connected my diagnostic disk which has partitions from Leopard up through Mountain Lion. Surprise surprise, this iMac will not boot any of those systems unless it's in Safe mode.
I wonder if there is an intermittent hardware problem with the graphics card or logic board. Has anyone ever seen anything like this before?
At the moment, it has decided to behave again, but I'm sure it will act up again after I return it. At that point I will try booting to an external clone, but based on the fact that the same thing happened with all my own diagnostic drive partitions, I don't have high hopes. I guess at that point it will go into the shop for hardware testing which I am unable to do.
While I searched for solutions, the client has been working in Safe Mode.
Many people online with the same problem found it was related to Active Directory or some other networking issue and Yosemite.
Jaap Vander Veen, however, reported a different experience:
Recently I had the same issue with a 2008 iMac.
After quite a bit of troubleshooting, I concluded the cause of the trouble was probably a faulty graphics card.
In this case, I moved all kext files with ATI in the filename to the desktop (while booted in safe mode).
That did the trick. Without these kext files, the iMac booted as 'usual' - that is, without graphics acceleration.
My conclusion is that the part of the graphics card that takes care of graphics acceleration (which is disabled in safe mode) is defective.
Well, the client called me back because the computer was acting up again, and I removed four ATI kext files from the System folder. Now the computer is booting fine again, and rather than having to work in Safe Mode as he had been, he now has sound and printing again. He does have to live with the venetian blind effect, and he understands that his computer probably has an intermittent hardware problem that will most likely get worse as time goes by.
Thank you Jaap and the MacInTouch community.