A long time ago I started writing a new /etc/init.d/rc for my linux boxes. The implementation I have gone for is a monolithic perl/POE process which forks children to exec a single initscript from /etc/rc*.d/ and monitor their returns to see when to start the next batch. The theory works, and I do use it to start linux on my laptop. It reduces boot time by about 50% or so.
The problem though is that some processes expect to have control of the console, like checkroot which happens to fall back to a root-only login if it has problems. If anyone in the world happens to stumble on this and care I'd love to hear some ideas on solving these problems.
The current code is available at http://svn.kuiki.net/rc/trunk/rc. I'm going to go play with mDNS and assembly programming now.