Step 1: Put latest Raspbian image (2015-01-31-raspbian.img) on compatible (according to http://elinux.org/RPi_SD_cards) Micro SD card
Step 2: Boot Raspberry Pi, ssh into it, expand filesystem, reboot
Step 3: apt-get update/upgrade, rpi-update, reboot
Step 4: Kernel Panic on boot
I'm using a 12W iPad charger that outputs 5.2V and 2.4A. The only things plugged into the Pi are the power supply, the screen and the SD card.
This happened four times, each time after rebooting the Pi a few times. Every time it happens, I have to reflash the SD card. Is my Pi just broken?
Edit: After reflashing the SD card for the tenth time and trying the third power supply, I've concluded that the power supply is not the culprit.
Edit 2: Turns out it was the card (a Sony Micro SD, if anyone's interested). After trying a spare SanDisk 16 GB Micro SD, which worked flawlessly, I bought a SanDisk 64 GB Micro SD and copied the 16 GB card's content over. One filesystem expansion and several app installations and reboots later, everything's still working. The Sony card itself seems to be in perfect working order, it's just that the Pi refuses to boot with it.