Ugh. I've recently encountered a similar set of symptoms on my Galaxy Prevail with CM7 beta5 on it. My SD card is a class 4 8GB SDHC card, SanDisk brand.
Nearly every boot, I'd get the "Preparing SD Card, Checking for Errors" message, and it would not go away until I manually ejected the card and reinserted it. Later on, not even that would make it go away.
I solved it, though, by putting the card in my USB SD card reader, mounting it in windows, and doing a full format in FAT32 -- as in, DO NOT check the "quick format" box. Been nearly 3 days since and I have not seen the error come back.
ianmacster, you may have the same situation -- would you try mounting the card in windows with an SD card reader, right-clicking it in windows explorer, select properties>Tools>Error Checking> Check now? When I did that, it would scan almost all the way through, then the SD would randomly dismount itself from windows without completing the scan. This would mean something is seriously messed up in the file system or the File Allocation Table, I would think.