A deprecation notice was added to this script as part of an earlier attempt (bug #10468) to remove it an year and half ago. This script is out of sync with recent changes now: uses ext3, boot partition is 20M (which would fail if multiple kernels are installed), assumes that kernel name is vmlinuz etc. Should it be removed in this release?
http://git.yoctoproject.org/cgit.cgi/poky/commit/?id=4c67ffef2e50b6e0be1530ea332e69afa025574c