Thanks for posting this up @georgecm12. Seeing the exact same thing with System Image Utility-created NetBoot image like you @ebonweaver. Did you ever get any farther on this issue? The odd thing here is that NetInstall works, but NetBoot does not (?!).
The only difference I can see is the size of the kernelcache, but I have also tried running the kernel-slimming scripts of @Lotusshaney over at: https://jamfnation.jamfsoftware.com/discussion.html?id=9836 and I am still getting the kernelpanic and reboot.
Here's my exact error log from tailing the syslog on the NetSUS:
Jun 18 09:42:36 NetSUS dhcpd: DHCPINFORM from 10.110.200.253 via eth0
Jun 18 09:42:36 NetSUS dhcpd: JAMF-DHCP change
Jun 18 09:42:36 NetSUS dhcpd: N Key or encapsulated
Jun 18 09:42:36 NetSUS dhcpd: 68
Jun 18 09:42:36 NetSUS dhcpd: DHCPACK to 10.110.200.253 (00:50:56:98:42:4f) via eth0
Jun 18 09:45:03 NetSUS mountd: authenticated mount request from 10.102.81.54:1022 for /srv/NetBoot/NetBootSP0 (/srv/NetBoot/NetBootSP0)
Jun 18 09:49:33 NetSUS in.tftpd: tftp: client does not accept options
Jun 18 09:49:37 NetSUS in.tftpd: tftp: client does not accept options
Jun 18 09:53:47 NetSUS mountd: authenticated mount request from 10.102.81.54:1022 for /srv/NetBoot/NetBootSP0 (/srv/NetBoot/NetBootSP0)
So far recreated about a 1/2 dozen different images, same effect. This is also a NB image created from the very drive of the Mac I'm trying to NetBoot (MacBookPro7,1) so I know it is not an OS compatibility issue.
I will try recompressing the NetBoot.dmg file now, but as it was created with SIU it seems odd there would be a sparse image issue happening here.