I think we all should get together and march on Linuses place chanting 'save us obi wan'. Going by his track record (git, subversion) it's the only way to have a sane init system.
I'm sure there are still distributions with "sane" init setups, for some definition of sane.
Back when I first encountered SYSV init I thought it was ridiculously overcomplicated compared to BSD-style flat files. I've messed with Upstart and Solaris's Service Management Facility and I can't say I like either of them yet, but we'll see. I feel like ones like Upstart that focus on parallel execution are solving a problem that's relevant for desktops and laptops, but not to servers; just the BIOS POST on a lot of my servers takes upwards of 30 seconds, so OS boot time doesn't really matter.