Red Hat Graphical Boot provides a clean and simple interface to the boot process
It's more than just a splash screen. It's real.
It shows a real progress bar.
It also allows you to maximize a window that displays the boot log.
It actually opens it automatically if there is a failure.
The reason why it's pretty is because it is running XOrg.
It's a special Xorg just for it which is turned off after a successful boot.
Take a look at:
http://ubuntuforums.org/g/images/430615/1_rhgb.png
Developer comments
As others have commented, RHGB is going to be deprecated in favor of Plymouth, so is not something we would transition to from usplash in any case.