init ran out of file descriptors, spinning while trying to start a broken service

After updating to 12.04 beta1, mysql service was broken.

I noticed my fan turn on a while after running sudo service mysql status (never completed).

:; sudo strace -f -p 1
Process 1 attached - interrupt to quit
pipe([1022, 1023]) = 0
open("/dev/ptmx", O_RDWR|O_NOCTTY) = -1 EMFILE (Too many open files)
close(1022) = 0
close(1023) = 0
pipe([1022, 1023]) = 0
open("/dev/ptmx", O_RDWR|O_NOCTTY) = -1 EMFILE (Too many open files)
close(1022) = 0
close(1023) = 0
pipe([1022, 1023]) = 0
.
.
.
^C

:; sudo ls -lv /proc/1/fd | grep -c /var/log/upstart/mysql.log
1005

I guess this is probably the same as #940290

ProblemType: Bug
DistroRelease: Ubuntu 12.04
Package: upstart 1.4-0ubuntu8
ProcVersionSignature: Ubuntu 3.2.0-17.27-generic 3.2.6
Uname: Linux 3.2.0-17-generic x86_64
ApportVersion: 1.94-0ubuntu1
Architecture: amd64
Date: Mon Mar 5 17:59:16 2012
EcryptfsInUse: Yes
ExecutablePath: /sbin/init
InstallationMedia: Ubuntu 10.04 LTS "Lucid Lynx" - Release amd64 (20100429)
ProcEnviron:
 TERM=linux
 PATH=(custom, no user)
SourcePackage: upstart
UpgradeStatus: Upgraded to precise on 2012-03-02 (3 days ago)