DISCLAIMER: THIS CODE REVIEW IS A LONG WORK IN PROGRESS, I COULD BE COMPLETELY WRONG IN ANYTHING I SAY.
To do a proper code review, you need to understand the purpose of the code, what all the stakeholders want. From my own perspective, init scripts work fine, but since Unix companies keep trying to create new init systems, they must have different needs than I do.
"Thank heaven for startups; without them we'd never have any advances." -- Seymour Cray