I don't know. It was still there when I resolved the problem on 12.04 beta 2, and I've installed all the updates so I should be running code pretty much identical to 12.04 release. Here is the contents of my scripts directory:
When you fall into the initramfs shell, can you recover by typingfollowed by 'exit'? You might be having more severe problems than what I experienced.
functions init-premount local local-premount nfs panic
init-bottom init-top local-bottom local-top nfs-top
root@reptoid:/usr/share/initramfs-tools/scripts# uname -a
Linux reptoid 3.2.0-24-generic #37-Ubuntu SMP Wed Apr 25 08:43:22 UTC 2012 x86_64 x86_64 x86_64 GNU/Linux