I have a PC booting and running my proof of concept. It boots using tftp
onto an image which has ext2fs. Included in this image is dropbear ssh
as well as telnet.
The bzImage is 980k and the raw rootfs is about 1M. The running rootfs
is a lot bigger just to provide writable areas.
Within the running binary, the du of the root reports 2215k.
I will be experimenting with a squashfs rootfs shortly.