The /etc/init.d is empty because this image uses systemd
(http://www.freedesktop.org/wiki/Software/systemd) as its
initialization system rather than sysvinit. Among other things,
systemd offers the possibility of really quick boot times. That said,
it can still read classic sysvinit scripts.
Just to back that up, I've seen an 8 second boot here on an earthstorm (based on the kernel boot timing messages.) My open embedded image (self built) that I was running before took close to a minute to boot.
systemd is weird and complicated if you are used to the old init system which was complicated compared to what came before it, but onwards and upwards I guess. :-)
If anyone is interested in setting up autologin on the new 3.5 kernel + systemd based system I whipped together a quick howto based on my own hacking: