initramfs can be eliminated if no kernel modules are required to boot the system. In practice, this means drivers for the motherboard, drivers for the block storage system, and the filesystem have to be compiled in as opposed to being modules. Certain 'interesting' disk schemes that require userspace configuration tools aren't possible, including LVM2, dmraid, disk encryption, /etc/fstab has to hardcode the physical path, and probably a dozen other things I can't think of. If you want to do PXE boot over wifi and you have out of tree wifi drivers I don't think that would work, though tbh PXE over wifi sounds insane.