Ok, debugged this issue a bit: current live-boot (which is what I refered to as 
live-initramfs 2.x) uses wget but actually it should call /bin/wget (if that's 
present) instead  as busybox's wget is just a bad joke and we've the "real" 
wget in the initrd available.

Sadly DNS doesn't work for me right now with a build featuring live-boot, had 
no time to further investigate on that.

just as a small update,
-mika-