Edit: md5sum=70aee0c6ae9c375e72d3f87bed594ef0 Mele_4.0_V1.3BETA_revised_en_us_4.img
dd-able image: Mele_4.0_V1.3BETA_revised_en_us_4.ddimg.bz2
Precision: this release disables the Google Play updates automatically (via a /etc/init.d/ script), that makes the bug occur. You don't need to perform the steps mentioned hereafter if you take it.
I hope this will be the last under Android 4.0 (next will be 4.1 JellyBean when Mele decides to release it).
After many tries (copy Vending.apk from old firmware, revert all /system/app and /system/framework, ...), nothing solved the "reboot never ends" issue.
Then I had the idea to revert the Market update (go to Paremeters->Applications->All->"Google Play"->"Uninstall updates".
And yes, it works. The Market update is what makes the system fail.
So the solution is to disable the Market update definitely. I don't know the consequences on a long term period, but for this release, no more "reboot never ends" issue.
In order to disable the Market update, see this thread: (How-to) prevent Android Market app from updating itself, that says:
Do "uninstall updates" on the market app (in "manage applications").
Open the terminal app.
Run "su" to become root.
Run: touch /data/app/com.android.vending-1.apk
Run: chattr +i /data/app/com.android.vending-1.apk
You can perform only "uninstall updates" step, but you will have to do that at each reboot.
In the above image, there is a init.d script that performs the required touch+chattr operations automatically.
I also removed the last Chinese application (sorry for them).
Note for Chinese people: this fix should apply on the Chinese firmware, but you have to add these lines in the init.rc script (on post-fs-data) since there is no init.d system in the original firmware.