http://www.linuxgazette.com/issue72/chung.html
I found this site to be very useful in setting up autologin to init 1 or init 3 .
The example they give is for a normal user but it works for root also. ( gasp! )
One thing I had to do was chmod the permissions for other. Something like this...
chmod 755 autologinfred
Also, I changed the line to use agetty for my CentOS box.
1:2345:respawn:/sbin/agetty -n -l /usr/local/sbin/autologinfred 38400 tty1