When run, the mkfs.ext2 applet overwrites the first 1024 bytes of a partition with zeros. This is very annoying in the SPARC world because if the mkfs.ext2 applet is used from a netboot image to the first partition of an harddisk (starting at cylinder 0) it overwrites the Sun disklabel on it (including the partitioning information). Linux ext2 utilities leave the first 1024 bytes of a partition untouched.
Fixed in git: http://git.busybox.net/busybox/commit/?id=7550201e9ac93e885e98feca1739921f73efcabd