I'm mainly dropping this somewhere so other people can find it, I recently did a kernel update and when I rebooted I got:
mkrootdev expected fs options mount: missing mount point setuproot: moving /dev/failed no such file or directory setuproot: error mounting /proc setuproot: error mounting /sys switchroot: mount failed No such file or directory kernel panic
...it turns out this was because I'd somehow got two / entries in /etc/fstab, as I found from this posting. The only thing you need to be aware of is that you also have a copy of /etc/fstab in the initrd, so after fixing /etc/fstab you'll want to re-run the postinstall scriptlet (rpm -q --scripts kernel), Ie. /sbin/new-kernel-pkg --package kernel --mkinitrd --depmod --install <kernel version>