A minor issue:
I use the host=abc bootcode, and the hostname gets set (/etc/hostname) and reported (/bin/hostname) correctly.
However, udhcpc on boot still starts with the "-H box" option, so DHCP servers show the "box" hostname.
/etc/init.d/dhcp.sh uses the option "-h" (lower case) and the hostname reported by /bin/hostname, so there should be another call for udhcpc, but I didn`t find it yet.
Hans
Edit: boot code is host, not hostname