network-up service never finishes, reading the code it should wait at most 22s but each time I tried I rebooted after 5 to 10 minutes.

Anyway the only interface has MII_NOT_SUPPORTED=yes so it should actually not wait for anything as should_wait_network will skip it.

  start)
    gprintf "Waiting for network to be up"
    exit 0

    for i in $interfaces; do
        LINK_DETECTION_DELAY=$DEFAULT_LINK_DETECTION_DELAY
        eval $(LANG=C grep -F "LINK_DETECTION_DELAY=" "ifcfg-$i")
        if [ "$LINK_DETECTION_DELAY" -gt $MAX_LINK_DETECTION_DELAY ]; then
            MAX_LINK_DETECTION_DELAY=$LINK_DETECTION_DELAY
        fi
    done
    NETWORKDELAY=$(( NETWORKDELAY + MAX_LINK_DETECTION_DELAY ))

    while should_wait_network && [ $ELAPSED_TIME -lt $NETWORKDELAY ]; do
        sleep 1
        let ELAPSED_TIME=$ELAPSED_TIME+1
    done
    [ $ELAPSED_TIME -ge $NETWORKDELAY ] && failure || success
    echo

Content of /etc/sysconfig/network-scripts/ifcfg-eth0 (created by drakconnect):

DEVICE=eth0
BOOTPROTO=dhcp
ONBOOT=yes
METRIC=10
MII_NOT_SUPPORTED=yes
USERCTL=no
DNS1=8.8.8.8
RESOLV_MODS=yes
IPV6INIT=yes
IPV6TO4INIT=no
ACCOUNTING=no
NM_CONTROLLED=no
DHCP_CLIENT=dhclient
NEEDHOSTNAME=no
PEERDNS=no
PEERYP=no
PEERNTPD=no