Why is securing /etc/inittab helping? I've read that by adding init=/bin/bash to grub you can get into the machine and change the shadow file anyway, which gives you root. I'd say that Red Hat presumes that the server is in a secure location and it is therefore highly improbable that anyone could just simply sit down to it and reboot it without anyone ever noticing.
SL_password_for_singleuser
Changes /etc/inittab to require the root password for single user mode.
This package used to be called SL_inittab_changeWho Needs This
In my opinion everyone, and we're quite surprised that Enterprise Linux isn't this way. If you are concerned about someone getting root access to your computer by just sitting down to it, then this is something you will want to install.