The EXTRA_INIT_FILES variable in the Makefile is ignored. Instead the list of files in src/psfromfs.mak appears to be the one that is used. I haven't tried it but I'm guessing the RESOURCE_LIST variable in the Makefile isn't being used either.
Ray, could you take a look at this one while you're working on the geninit merge? Feel free to pass it back if you don't have time.
I have already fixed this in my changes in work. I'll close this once the fix is committed.
Alex points out this was fixed as part of commit: eec37979062897e2bfff87df40e632e7d5c45635