Hardware is cool and stuff, but I think a standard software environment will be just as important (and just as much work).
Thinking of the micros of the 80s, the fact that the OS was in ROM was great for robustness.
I imagine the RPi could be similar by providing a standard kernel and services, then an extension mechanism, then a user level environment. Booting would load in that order, with the option of starting without extensions to "recover" the system.
This is NOT init, or service. It's something else, and it probably needs a simple GUI for installation/uninstallation/management of extensions, and perhaps some simple auto-discovery mechanism. Config files are likely to confuse and break things. Make it simple to use and robust against user error!
Also, make the kernel and services and base system read-only. Mount only tmp, var and home writable. Perhaps symlink use/local to var/local? Some mode for system updates could write to the read only parts, but that should be very uncommon and not used to install third party software or extensions. Also, the user should never need to be root!
Opinions?