Well IMO the End of MOTD is fine, as it states an end of connecting process. Every server is supposed to send either MOTD, or MOTD missing info so it should not be a problem.
I suppose there could be an on ^CONNECT event that would trigger before the MOTD, but it wouldn't change anything really, as the user input is processed after the MOTD has been sent. Example:
raw 1:*:whois $me
The whois shows after the end of MOTD.
