I've experienced problems booting off the external SD (8Gb SDHC 10) for some time. But the card looked sane when inserted in a reader on my laptop.
Unfortunately, I discovered that even booting from the internal card wouldn't work either. It appears that the internal uSD got corrupted : I removed it (by opening the case) and, upon just inserted in the laptop card reader, I'll get many failure messages in syslog.
I then removed it for good from the internal slot, and guess what: the external card boots very well now :-)
Can a damaged card in the uSD slot possibly cause problems on the external slot's card operation, given both are on the sides of the same internal card ?
Hope this helps, in case others have a failing internal card or boot issues on external card.