Bug#354458: Kernel panic after upgrading initramfs-tools
Next try: I ran grub-install from the chroot, mounting with -o dev
made this work. I even did an update-grub and got a menu.lst. After
setting it all up, I could indeed select the image and attempt a boot.
But I get exactly the same thing: no init found.
So, it doesn't seem to be a grub problem.
Maybe the initramfs update screwed something up?
I'm very close to buying a new harddisk and doing a fresh install, but
I would really appreciate it if you can help me still.