Named “Move over 'sysvinit', 'upstart' is the new kid in town”, TheFridge describes the history of sysvinit and the purpose of upstart.
Read it here
What Ubuntu needed is something dynamic, something that reacts, changing as the system does. The result of that is upstart, a new init system designed to based on events occuring. Many people have tried to solve this problem, one of the most famous being InitNG, but as upstart primary author Scott James Remant tells us on his highly detailed blog post: