Comment 15 for bug 1087951

/dev/etherd/e0.0 /mnt/backup/ ext3 relatime 0 0

So, this doesn't explain why mountall is in an infinite loop, but I notice that there's nothing in your log showing this filesystem coming up - mountall won't /finish/ until this filesystem becomes available. And it certainly wouldn't be available until after the network is up; so this filesystem should have the '_netdev' option set.