Applied. This is very very cool stuff. Compact and powerful. And a good showcase that it's easy to plug in most anything into PicoContainer with special Component Adapters. Well done 
Being a pedant, I have done some modifications here and there:
o Made the adapter look for the script as an URL resource instead of a file.
o Made the adapter cache the instance. This is required by the "contract" declared in the ComponentAdapter interface.
o Removed the util class, as it is not needed.
o Removed dependency on commons-logging, to make the test/example simpler and a bit clearer. And to please Paul, who is on a crusade against logging 
o Simplified the test bean - an interface is not really needed.
o Made the bsh script do some things that is later asserted in the test case.
o Changed the license from Jicarilla to BSD.
o Changed the formatting and coding standard according to the rest of the project.
o Added some javadocs.
o Mavenised it.
o Modified the script variables a tiny bit.
o Changed the script extension from init.bsh to just .bsh (for the sake of simplicity)
o Improved exception handling.
Adding a simple component adapter factory implementation which will look for a $
{path-to-class}.init.bsh to instantiate a component. Basic testcase attached.