What version are they using for 2.3.4, I thought it was still 2.6.35?
I haven't seen a diff of the new initramfs yet, but if they didn't do any major changes there is a good possibility this will work with 2.3.4.
-x
To be honest I have not looked deep yet. I know that any kernel for the captivate that you try to flash to it get a too big error with CWM and odin.