This thread has most of the information apart from dealing with this issue if you can not boot into your PCLinuxOS install. I added my bit to the thread and will add it here aswell.
I have to add this for people who have this issue but are unable to boot because of it (like I couldn't after a motherboard upgrade)
Its almost like a Windows issue with a motherboard swap causing the system to fail to boot.
To add to old-polack comments. I found that inspecting the initrd script inside the initrd there is reference to a UUID of the root partition.
I found this odd ad my root partition resides on an LV.
So to resolve this (after many hours of online searching and reading and re-reading this thread)