roedel,
I am trying with 3.6.y, but I am having problem similar to
scratchy. I tried your suggestion of pre-built bmc2708 compiler, but I am still having a similar kernel panic.
[ 3.482001] hid-generic 0003:0764:0501.0001: hiddev0,hidraw0: USB HID v1.10 Device [CPS CP825AVRLCD-G] on usb-bcm2708_usb-1.2/input0
[ 7.448573] Kernel panic - not syncing: Attempted to kill init! exitcode=0x00000200
[ 7.448573]
[ 7.462302] [<c0013a7c>] (unwind_backtrace+0x0/0xf0) from [<c03b539c>] (panic+0x94/0x1e4)
[ 7.473570] [<c03b539c>] (panic+0x94/0x1e4) from [<c0023d98>] (do_exit+0x6d4/0x788)
[ 7.484430] [<c0023d98>] (do_exit+0x6d4/0x788) from [<c00240ec>] (do_group_exit+0x3c/0xc4)
[ 7.496015] [<c00240ec>] (do_group_exit+0x3c/0xc4) from [<c0024184>] (__wake_up_parent+0x0/0x18)
PANIC: Attempted to kill init! exitcode=0x00000200
I then tried just the kernel "as is" (no patches, no custom initramfs), and it boots fine. I looked at my
init file and thought maybe I was going wrong there. I noticed the line
for x in $(/bin/cat /proc/cmdline); do
expanded when it was run on my raspberry pi in the creation of the initramfs.cpio file (pulled the init out of the initramfs.cpio to check). I was thinking this line was intended to pick up the configuration at runtime. I'm sure I'm doing something wrong

.
Can someone post their initramfs.cpio file? And maybe their /proc/config.gz file? Those used in their build.
Thank you,
g00b
I did take a "new" SD of 2013-09-25-wheezy-raspbian.zip, and then copy over /lib/modules and zImage (to kernel.img) from
MattF Wed Jul 10, 2013. Made edits to
1. cmdline.txt for rwfs=tmpfs
2. /etc/fstab for tmpfs /tmp, tmpfs /var/log, and removed /dev/mmcblk0p2 /.
I'm a little afraid of mismatched firmware, but it seems to mostly work so far (sudo shutdown -hP now, always restarts though after shutdown).
Linux raspberrypi 3.8.13-APF9-aufs+ #27 Wed Jul 10 10:19:29 BST 2013 armv6l GNU/Linux