Now I make myself feel dumb: This is installed in xbin just as fastboot, correct? And it is acceptable to remove .bin from the file, correct?
Also -- Gave fastboot a try on Galaxy Nexus and while I didn't get any errors spit back at me, it failed to find any devices attached to it, unlike the Nexus 7 which found anything I plugged into it. It is running v2.54 of paranoid android with the latest glados kernel (which is pretty old but I like it). Later I might try swapping through a few kernels, but unlikely any time soon (it can't take/make calls while flashing).
Now this whole thing has me thinking, could we just strip clean a copy of Ubuntu for ARM (ya know, the one they are building specifically for the Nexus 7 might work) and toss that stuff into android? I mean, after all, the most useful things there are going to be command line tools that android is missing. I don't know what kind of dependency issues might arise.
Skyrocket on AOKP by R4ins