It looks like DSInit is no longer the way to start the emulator.
The options I can see is to use CSRun from an Azure SDK Command Prompt
csrun /devstore:start
This appears to have been replaced by WAStorageEmulator.exe that can be found at %ProgramFiles(x86)%\Microsoft SDKs\Windows Azure\Storage Emulator. From there, WAStorageEmulator.exe can be run to init, start and stop the emulator.
WAStorageEmulator.exe init : Initialize the emulator database and configuration.
WAStorageEmulator.exe start : Start the emulator.
WAStorageEmulator.exe stop : Stop the emulator.
WAStorageEmulator.exe status : Get current emulator status.
WAStorageEmulator.exe clear : Delete all data in the emulator.
WAStorageEmulator.exe help [command] : Show general or command-specific help.
There is also an icon on the Start Menu/Screen that runs WAStorageEmulator.exe for you in a command prompt.