try mini sd card or internal memory card on my N810,the same err:
[....].....
[....]VFS:Mounted root (ext3 filesystem).
[....]Freeing init memory:132K
[....]Warning:unable to open an initial console.
[....]Failed to execute /init. Attempting defaults...
[....]Kernel panic - not syncing:No init found.Try passing init=option to kernel.

then and frzeing..

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i made a mistake,,just mount sda4 and extract files on it,hehe