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ifup uses /etc/init.d/functions which uses /bin/mountpoint maybe ifup shouldn't do that? I see that mountpoint is owned by sysvinit-tools which presumably aren't going to be installed so I'm not sure what is ultimately responsible. Running 'ifup eth0' does bring up the network, but it spits out a number of errors about /bin/mountpoint missing.
Well shouldn't we assign this to ifup then?
So initscripts have sysvinit-tools as a dependency, and I fixed the removing of /bin/* in the template, so it should be fixed now.