3.4.0-rc1: No init found

Going from 3.3-rc7 to 3.4-rc1 (with "make oldconfig" inbetween) did not 
go well on this PowerBook G4 machine:

Apr  2 15:18:23 [   8.318816] EXT4-fs (hda6): mounted filesystem with ordered data mode. Opts: (null)
Apr  2 15:18:23 [   8.320286] VFS: Mounted root (ext4 filesystem) readonly on device 3:6.
Apr  2 15:18:23 [   8.341555] devtmpfs: mounted
Apr  2 15:18:23 [   8.343384] Freeing unused kernel memory: 204k freed
Apr  2 15:18:23 [   8.457056] Kernel panic - not syncing: No init found.  Try passing init= option to kernel. See Linux Documentation/init.txt for guidance.
Apr  2 15:18:23 [   8.459936] Rebooting in 180 seconds..

No bootoptions were changed, no disks swapped, no partitions altered 
whatsoever. Full .config & dmesg:

 http://nerdbynature.de/bits/3.4.0-rc1/init/

Thanks,
Christian.

PS: Unfortunately I cannot boot into the old (3.3-rc7) kernel 
    right now (which is still installed via "yaboot" and present in
    /boot), because of this: 
    http://nerdbynature.de/bits/3.4.0-rc1/init/mac-invalid-memory.JPG
    Booting into Debian's "squeeze" kernel (2.6.32) which resides in
    the same /boot directory succeeds.
-- 
BOFH excuse #334:

50% of the manual is in .pdf readme files