I am trying to compile an example of \"hello world\" Kernel Module, problems found on ubuntu 11.04, kernel 3.2.6, gcc 4.5.2 and fedora 16, kernel 3.2.7, gcc 4.6.7.
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asm should be a link to the actual architecture you're compiling for, not to asm-generic.
You can't compile a generic kernel module, that would work on a generic architecture. You have to compile it for the particular architecture you're going to use.
I don't know why the asm didn't exist. It should be created as part of the configuration process.
You might get other errors later, if configuration is incomplete in other ways.