The next thing you see (although it probably flashes by quickly) is a line similar to the following:

Linux version 2.4.16 (root@time.flatmonk.org) (gcc version 2.95.3 20010315 (release)) #1 Sat Jan 12 19:23:04 EST 2002

This is the first line printed by the kernel when it starts running. The first part is the kernel version, followed by the identification of the user that built the kernel (usually root), the compiler that built it, and the timestamp when it was built.

Following that line is a whole slew of output from the kernel regarding the hardware in your system: the processor, PCI bus, disk controller, disks, serial ports, floppy drive, USB devices, network adapters, sound cards, and possibly others will each in turn report their status.