I am experiencing the same problem.
I installed ArchLinuxARM-oxnas-latest.tar.gz on my PogoPlug Pro, which worked fine. But after "pacman -Syu" I would not be able to ssh after reboot. After a long search I figured out that the problem was in kmod, and "pacman -Syu --ignore kmod" allowed me to ssh after reboot.
Trying the fix above I found that "depmod -a" did not work for me:
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ERROR: could not open directory /usr/lib/modules/2.6.31.6_SMP_820: No such file or directory
FATAL: could not search modules: No such file or directory
It seems to me that the kernel version in the message is not what it is supposed to be?
However "pacman -S linux" now worked fine, where before it would say (from pacman.log):
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[2012-07-17 16:48] Running 'pacman -S linux'
[2012-07-17 16:48] >>> Updating module dependencies. Please wait ...
[2012-07-17 16:48] ERROR: could not open directory /lib/modules/3.1.10-12-ARCH: No such file or directory
[2012-07-17 16:48] FATAL: could not search modules: No such file or directory
[2012-07-17 16:48] upgraded linux (3.1.10-11 -> 3.1.10-12)
In this message the kernel version seems more logical to me.
Unfortunately, after "pacman -S kmod" and the suggestion above I am now locked out of my PogoPlug again, so I hope this report will help fix the problem.