A splash screen I created for Gentoo. Have you tried it yet?
The tar.bz2 contains a background png for 1280x1024, 1024x768, 800x600, and 640x480. Gentoo users can put the image in /etc/splash/[theme]/images. It's not a complete splash theme so you'll have to either create a copy of an existing theme or just overwrite an existing one.
Gentoo provides a pretty decent fading-in effect with the current splashutils package. Looks nice against the laughing man logo.