2nd init just stands for the term for them hacking into the DX to give us a pure source experience. Cvpcs came up with it. Now we have a whole bunch of roms that run off it like cm7, omgb, omfgb, liquid, ssx,miui and so on.
Rev's nightlies were this guy name rev numbers basically took a nightly and implemented the fixes and a few other reason so you didn't have to flash more than one thing a night. He stopped working on it now and moved on to porting over cm7 to gingerbread for testing.
Basically we you wanna do is if you want a fresh start sbf, root, d2 bootstrap, go into clockwork recovery, wipe data cache, dalvik, flash the latest nightly, flash gapps, and flash razorloves all in one fix.
If you just wanna go from your nightly or any nightly go into clockwork, clear cache and dalvik, flash newest nightly, flash all in one fix and you're set.
Hope this helps.
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