I hit very similar problem. I cannot enable my usb bluetooth adapter, it's visible in lsusb:

...
Bus 004 Device 002: ID 1131:1001 Integrated System Solution Corp. KY-BT100 Bluetooth Adapter
...

hciconfig:
hci0:   Type: USB
        BD Address: 00:00:00:00:00:00 ACL MTU: 0:0 SCO MTU: 0:0
        DOWN 
        RX bytes:0 acl:0 sco:0 events:0 errors:0
        TX bytes:0 acl:0 sco:0 commands:4 errors:0
==============
Here's how it looks in /var/log/messages

Apr 18 14:06:59 moj kernel: Bluetooth: Core ver 2.15
Apr 18 14:06:59 moj kernel: NET: Registered protocol family 31
Apr 18 14:06:59 moj kernel: Bluetooth: HCI device and connection manager initialized
Apr 18 14:06:59 moj kernel: Bluetooth: HCI socket layer initialized
Apr 18 14:07:02 moj kernel: usb 1-6: USB disconnect, address 3
Apr 18 14:07:06 moj kernel: usb 4-2: new full speed USB device using uhci_hcd and address 2
Apr 18 14:07:16 moj kernel: usb 4-2: New USB device found, idVendor=1131, idProduct=1001
Apr 18 14:07:16 moj kernel: usb 4-2: New USB device strings: Mfr=1, Product=2, SerialNumber=0
Apr 18 14:07:16 moj kernel: usb 4-2: Product: ISSCBTA
Apr 18 14:07:16 moj kernel: usb 4-2: configuration #1 chosen from 1 choice
Apr 18 14:07:16 moj kernel: Bluetooth: Generic Bluetooth USB driver ver 0.6
Apr 18 14:07:16 moj kernel: usb 4-2: reset full speed USB device using uhci_hcd and address 2
Apr 18 14:07:16 moj kernel: btusb 4-2:1.0: no reset_resume for driver btusb?
Apr 18 14:07:16 moj kernel: btusb 4-2:1.1: no reset_resume for driver btusb?
Apr 18 14:07:16 moj kernel: usbcore: registered new interface driver btusb
Apr 18 14:07:17 moj bluetoothd[2811]: Bluetooth daemon 4.58
Apr 18 14:07:17 moj bluetoothd[2812]: Starting SDP server
Apr 18 14:07:17 moj kernel: Bluetooth: L2CAP ver 2.14
Apr 18 14:07:17 moj kernel: Bluetooth: L2CAP socket layer initialized
Apr 18 14:07:17 moj bluetoothd[2812]: Parsing /etc/bluetooth/network.conf failed: No such file or directory
Apr 18 14:07:17 moj kernel: Bluetooth: BNEP (Ethernet Emulation) ver 1.3
Apr 18 14:07:17 moj kernel: Bluetooth: BNEP filters: protocol multicast
Apr 18 14:07:17 moj bluetoothd[2812]: bridge pan0 created
Apr 18 14:07:17 moj kernel: Bridge firewalling registered
Apr 18 14:07:17 moj bluetoothd[2812]: Parsing /etc/bluetooth/input.conf failed: No such file or directory
Apr 18 14:07:17 moj bluetoothd[2812]: Parsing /etc/bluetooth/audio.conf failed: No such file or directory
Apr 18 14:07:17 moj NetworkManager: <WARN>  device_creator(): /sys/devices/virtual/net/pan0: couldn't determine device driver; ignoring...
Apr 18 14:07:17 moj bluetoothd[2812]: HCI dev 0 registered
Apr 18 14:07:17 moj kernel: Bluetooth: SCO (Voice Link) ver 0.6
Apr 18 14:07:17 moj kernel: Bluetooth: SCO socket layer initialized
Apr 18 14:07:27 moj bluetoothd[2824]: Can't init device hci0: Connection timed out (110)
=================
When trying to do hcicontrol hci0 up or reset i got timeout error on the console
"Can't init device hci0: Connection timed out (110)"

and in /var/logmessages

...
Apr 18 14:07:38 moj kernel: usb 4-2: reset full speed USB device using uhci_hcd and address 2
...
================
last know working kernel is 2.6.31.5-127 (the one shipped on F12 final media).