The runqemu script, when run with the nographic option (qemux86) does not display the kernel boot messages. By adding: bootparams="earlyprintk=ttyS0 console=ttyS0" I was able to restore access to those early boot messages. Reproducer: ../scripts/runqemu qemux86 core-image-minimal nographic vs ../scripts/runqemu qemux86 core-image-minimal nographic bootparams="earlyprintk=ttyS0 console=ttyS0"
earlyprintk probably shouldn't be on by default, but "--append='console=ttyS0'" probably makes sense to add when running without graphics. If we want to wrap qemu entirely, then some kind of a -text option to the top level script might be ideal.
Fix included in oe-core and poky master as of: http://git.yoctoproject.org/cgit/cgit.cgi/poky/commit/?id=3af7e95d69d29f1a5f79e60adfd4db7bd3c4570d