johnbanks wroteMat ...
Try ...
disk=/dev/sda1
Change the "1" if the OS is not in the first partition on the USB stick.
Hope this helps
John, thanks for help. root=/dev/sda1 indeed works

. UUID and PARTUUID just don't work. I didn't like /dev/sda1 because it is possible to get into conflict with other USB drives. Anyway, with your help I got it work and did some measurements. I was surprised that boot time was not faster but even a little bit slower than with SD card.
My HW:
- RPI 2 (default, nothing overclocked)
- SanDisk Ultra 8GB Class 10 SD card (up to 48MB/S)
- SanDisk Ultra Fit USB 3.0 16GB Flash Drive (up to 130 MB/s)
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Test starting RuneAudio (about a month old Frank's image with Midori and HDMI output to TV, thanks for that, Frank)
- Boot from SDCard: GUI shows up on TV in 30 seconds
- Boot from USB Stick: GUI shows up on TV in 32 seconds
Test starting OpenElec v6.0.3
- Boot from SDCard: GUI shows up on TV in 14 seconds
- Boot from USB Stick: GUI shows up on TV in 16 seconds
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So my curiosity is fulfilled, I am staying with SD Card only.