Having just text flying by is no option if you want to appeal to mainstream users. This is "techie stuff" that is of zero use for non-experts and even (harmless) warning messages (oh, this southbridge has a bug, resetting device and enabling workaround) may confuse users to the point of feeling unsecure about "that whole Linux thing".
If the goal really is to boot within 10 seconds the text scrolling by wouldn't be easily readable anyway (too fast) if the amount of "info spam" is to be kept at the current level.
"One advantage though by using the X Server is that this Ubuntu splash screen is now compatible with all display drivers and just not those that provide KMS support."
Thank you, rational developers!
Then again, think it over a while before making such comments. Plymouth comes from Fedora. Fedora doesn't support closed drivers. Open drivers are all heading for KMS. What's unrational about going for a KMS-only approach?