I’ll add it to my “to do” list.
Also, I think that we can nowadays assume that git clone and git pull have a --recurse or similar option, so git update --init --recursive isn’t needed (although it doesn’t hurt).
is fine for the first checkout. However,
git pull --recurse-submodules
is way slower than
git pull
git submodule update --init --recursive
The reason being that it actually pulls all submodules, while the git submodule update only fetches the modules for which the requested hash is missing.
git submodule foreach 'git pull --recurse&'
is even faster. 
Although it does something slightly different.