using busybox, statically linked, to build an initramfs, I found this two little problems: 1) if the initramfs is prepared with only /dev/console /dev/null and /dev/tty character devices, as in lot of howto, and I create a init script starting with #!/bin/busybox, the init fails looking for /dev/vc/3 and /dev/vc/4, which are not present. 2) even if 'mdev -s' creates by itself /dev/loopN block files for loop devices, the busybox mount applet searches for /dev/loop/N file and fails. both problems have simples workarounds, but I thing they should be fissed.
Sorry for the long delay. Please open a bug with upstream if this is still a problem.