The sparc platform has a problem that if I boot with init as a "hello world" program everything behaves as expected (there are two in the image for testing purposes, /tools/bin/hello-dynamic and /tools/bin/hello-static). But if you boot with init=/tools/bin/bash it hangs. And so do the busybox shells.
I think there is a problem with the dynamic loader, I get a bus error when running the programs on real Sparc. If I try to run the dynamic loader, it reports on real HW as well as on Qemu: Standalone execution is not supported yet