Quoting Jeremy Katz:
As Dave Jones started talking about months ago at Kernel Summit and LPC, there's a lot of duplication between distros on the tools used to generate the initramfs as well as the contents and how the initramfs works. Ultimately, there's little reason for this not to be something that is shared and worked on by everyone. Added to this is the fact that everyone's infrastructures for this have grown up over a long-ish period of time without significant amounts of reworking for the way that the kernel and early boot works these days.
Therefore Jeremy Katz started on a project, dracut, to be a new initramfs tool that can be used across various distributions.
End of March I took over the project. To open up the development and keep it distribution neutral, I created a sourceforge project. Somehow interest in dracut faded and development stalled. Though, the current state allows booting from several distributions, there is still a lot to do. Have a look at the trac wiki and the TODO page, if you want to help. Using dracut and obsoleting nash/mkinitrd is a Fedora Feature for F12, so any help is appreciated.