When the aic7xxx module loads in my initrd image during boot with the
parameter "aic7xxx=tag_info:{{0}}" (to turn on tagged command queuing for
my scsi hd), insmod never loads the module (it says "Loading aic7xxx
module", but just skips to next part of the boot process).  I think the
problem is with sash and the {}'s in the module parameter.  I can only
reproduce the problem during boot with an initrd image.  If i change the
paramter to something like "aic7xxx=verbose" (or use no parameter), the
module loads fine.  I have tried quoting the parameter with single quotes,
double quotes, and tried escaping the {}'s with \'s with no success.  At
the bash prompt, I can insmod the module (with the parameter) just fine
using single quotes around the parameter.

rpm -q mkinitrd:  mkinitrd-2.4.1-2
rpm -q sash:  sash-3.4-2
rpm -q kernel:  kernel-2.2.16-3

My conf.module line looks like:  options aic7xxx aic7xxx=tag_info:{{0}}

My mkinitrd command looks like:  mkinitrd -v -f /boot/initrd-2.2.16-3.img
2.2.16-3

My lilo.conf lines look like:
image=/boot/vmlinuz
  label=linux
  initrd=/boot/initrd-2.2.16-3.img

And I was sure to run lilo before every reboot while I was working on this.

To reproduce:
Make an initrd image that loads a module with a parameter than contains
{}'s.
Boot a kernel using the initrd image.
Initrd will say it's loading the module, but it will not (insmod fails to
actually try to load it).
Try again without the {}'s and watch work.