The apmd-script included in apmd-3.0final does the following on resume:

cardctl resume/insert
service networking start

Unfortunately, if one of your pcmcia cards is a PCI-merged networking card
such as the 3c575_cb, hotplug does the following upon seeing the card
resumed...

if networking is started, configure the new interface

Thus, because apmd reenables pcmcia before networking, a pcmcia network
adapter won't be configured by hotplug.             

One easy sollution, is that if the pcmcia network adapter is always in the
system, you can enable ONBOOT for the interface, and thus the networking
script will enable it for you.  In my case (frequently switching between
LAN and WAN cards), that isn't an option.