Noting the version of Firmware for the Raid Controller between the 2 systems.
The working system was running Perc 6i Integrated with firmware 6.3.3-0002
The non working system was running Perc 6/i Integrated with firmware 6.3.0-0001 and 6.3.1-0003
However when i tried to find 6.3.3-0002 for a Perc6i on Dells Support site under PowerEdge 1950, i could not find it. I then searched Dells site specifically for Perc 6i firmware, and found the proper version 6.3.3-0002 (note NOT for a PERC 6E, but PERC 6i).
Booted to a live CentOS disk, upgraded the firmware and viola, success!
Below is the link to the proper firmware:
http://www.dell.com/support/home/us/en/19/Drivers/DriversDetails?driverId=F96NR
This can be marked as Solved. I see that many people out there find this same issue, and i hope they find this.