What is the impact of hostonly_cmdline on initramfs image?

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Issue

In RHEL 7 GA, hostonly_cmdline is newly introduced in /usr/lib/dracut/dracut.conf.d/01-dist.conf file. hostonly_cmdline is set to "no" by default in RHEL 7 GA.
What is the impact of hostonly_cmdline on initramfs image? If it is set to "yes" then what is the impact and if it is set to "no" then what is the impact on initramfs image?
What is the difference between hostonly and hostonly_cmdline?

Environment

Red Hat Enterprise Linux 7.0

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