Hey, I have the new version of Android working perfect. Here is my default.txt. This is where I fixed my mount issue.
set MTYPE 1667
set KERNEL zImage
#set initrd initrd.gz
set initrd initrd-android
set cmdline "
ppp.username=username@sprintpcs.com ppp.password=password"
console=ttyMSM0"
boot
Now, I do get an error when booting every once in a while, but it doesn't keep it from loading. It's just the way I have the console setup. This should help someone.
Cheers!