daemontools / supervise doesn't have it and it's a fairly popular solution. (not that I recommend ever using it...)
Ok, it doesn't exactly support the quoted feature ("stop restarting if it exceeds X attempts in Y seconds"), but it does sleep for a second between restart attempts to mitigate the same problem: http://cr.yp.to/daemontools/supervise.html
Is your objection that daemontools is largely unused / unmaintained and lacks features (such as flapping-avoidance)? Or something else?
Just curious, thanks.
Either one of upstart, systemd, supervisord will give you equivalent solution that has more practical features. Daemontools was good enough a couple of years ago. (I used it then happily)
In short - there's nothing wrong with it really, but many alternatives are much better.