Might be time to try an alternative high capacity SD card so you can emphatically state that LE is having difficulties with them.
I would agree this is a worthwhile test, if you have a fresh SD card of the same size it would be a good idea to load LE11 and test that it also has an issue.
Even though it works with LE 9 and LE 10, you don't really know if it's kernel related or just happens to be the possibility that the SYSTEM image lands on a bad memory cell with LE11 and doesn't with LE10 or LE9. So, no need to say "but works on LE10 and LE9", this is my rationale on why it could still be an SD card failure. Although, I don't think that is the case here, because the kernel is failing to probe the card and don't think it has even gotten this far.
SD card failure is the most likely cause of the problem. If the another similar size SD cards works with LE11, then you would want to do a destructive read/write test on the suspect card to confirm it.