Just made new attempt with new SD card and found that with defaults: 4GB dos formatted (full sd) is not mounted during boot. With booting kernel-nogui.img I got a console and had a look.
Looks like dossrv has problems with supporting large partitions.
So for now if you would like to boot 0.3 release please make small first 100MB dos partition and write distro files there.
I may need to have a look at dossrv fault later.