Same thing here
SMP Pentium III Apollo PRO 133 chipset GeForce3 Ti 200, 2.4.21-rc1 kernel.
CONFIG_X86_GOOD_APIC, CONFIG_X86_IO_APIC and CONFIG_X86_LOCAL_APIC all set to "y".
2x AGP using the NVIDIA driver.
The X server spins for a while and eventually starts up (after 1-2 minutes). After that everything seems to be ok, can't say for sure, at least the undergrads haven't come to me to tell me for the nth time what I already know :-\
PS: I *hate* this discussion board system. Thanks for keeping it up and running and all of that, but I still hate it...