I bought a PI just like many others with a plan to use it for something. My plan didn't utilize hdmi or soundcard, so X and many other things were unnecessary. I have a long history with OpenWRT and OpenWRT just seemed to be perfect for my needs-- It's just that it's not complete for Raspberry Pi.
Well, I took the newest openwrt image for Raspberry PI, added firmware, kernel and modules from Raspbian and voila - we got a working kernel, no more SD card issues, rebooting works, i2c works.. Perfect. Well not.. It's a hack after all.. But I couldn't do better than this atm and this does what I need. Maybe it does what you need as well..
Check it out, it's available now at: http://sites.google.com/site/openwrtraspi
Site also has utility for people to create their own images easily..