I've been experimenting with Debian's "live-build" tool to build a bootable minimal Raspbian-based disk image, and I thought it was worth sharing.
Build code:
https://github.com/simonpoole1/raspbian-live-build
Example disk image (tested only on my own model-B Pi so far):
https://www.dropbox.com/s/m9rbkou09gb9f ... 1.img?dl=0
It's built using the raspbian.org and raspberrypi.org APT repositories, so it's the exact same software you get in a Raspbian image - just less of it. It's trivial to configure a list of packages to include in the build (see the README).
It's installed into a read-only Squashfs image, with a non-persistent read-write overlay (in-memory using aufs), but it should be possible to tweak the build to use a persistent overlay.
The image currently includes:
* The PI firmware/bootloader
* The very miminal core of Raspian - the basic Debian packages you need for a working OS plus apt-get.
* Basic networking tools (e.g. ifconfig, dhclient, ifup)
* rpi-update
It boots to a command-line login prompt (user:pi, pass:pi), and from there you can install more packages with "sudo apt-get".
Hopefully that's of use to someone.
Simon