[ubuntu] Can't install 12.04 on new Acer V3-771G. "nomodeset" causes installation to hang

Hi,

I have been trying to install Ubuntu 12.04 64-bit on a brand new Acer V3-771G (no-dual boot, Ubuntu will be the only OS).

System:
intel i5
NVidia GEForce 730M (optimus)
750Gb HDD
120Gb SSD
Secure boot is disabled

I have read many posts and tried many things but nothing solves the problem. Here is a summary of the problem:

1. With UEFI enabled I get a blank screen but I can hear the sound when it goes to the setup screen. Also when I press enter I can hear the CD-ROM respond so it seems the install loaded fine but I can't see the screen.
2. Using "nomodeset" and/or "b43.blacklist=yes" I don't get a blank screen but the installations stops loading some modules. The exact point where it stops varies. It usually stops at "*Stopping System V runlevel compatibility [OK]" or "*Check battery state [OK]". Not sure if it matters but I do get a "*restore sound card state [FAIL]" earlier on.
3. With Legacy Bios I also need to set "nomodeset" to prevent the blank screen but the failure is different. It gives some errors loading the installation bit it proceeds unitl I get a prompt "ubuntu@ububtu$:". If I try startx it fails saying the server fails to respond.

I'm totally lost on how to proceed with installation.
Most posts I found show solutions assuming the system is already installed but failed to boot. And it most involves changing GRUB or installing updates which I can't do since I don't have anything installed.

Any help is greatly appreciated.
Thanks
Sbre