Hi,
I have an old OpenSuSE 11.1 box and I made that last up-date.
It happens that my partitions are encrypted with Luks
Applying this up-date (or one that is on the list and up-dates mkinitrd) stops the pc from booting.
Because of this bug in the new version of mkinitrd:
https://bugzilla.novell.com/show_bug.cgi?id=631464
the solution is simple and was made availabel by Michal Marek in the link mentioned on the thread:
Commit in mkinitrd in openSUSE - Gitorious
I did like this:
Googled for the problem, found the solution on the improved double quote kernel command line detection.
and then:
Boot the pc with the DVD in rescue mode.
Change the /boot/grub/menu.lst in order to make only / available in the boot.
So all the /dev/mapper/swap and /dev/mapper/home will be errased (in my case)
so the the kernel command line
‘luks=“root swap home”’ shoudl be only:
luks=root
Therefore the machine boots and one get to acccess the all important / 
After that reboot the machine and it goes into recover mode (or something like that) …
Edit /lib/mkinitrd/scripts/boot-start.sh as mentioned on the patch (use vi …yuck!).
go back to /boot/grub/menu.lst and restore the initial setup of Luks with all partitions (in my case root swap and home).
Reboot normally … that’s it!
You could also change the the mentioned /lib/mkinitrd/scripts script by booting and mounting the partition with luksOpen … anyway … it worked.
Regards,
Pedro