Apparently this is an issue with the older ATI cards (I have an ATI x1250) and the newer kernels. There's no real "fix" per se other than breaking down and buying a new notebook (I wish!). A work around is to add nomodeset as a kernel option during boot.
The problem is it's not working with this installation. Messages is still getting spammed with the error, and it's rather annoying as it also causes "mini" pauses on the system. Is there another boot option I can try to prevent this from occuring?