The pacman log that is part of the latest image includes these lines:
==> Warning: setcap failed, falling back to setuid root on /usr/bin/systemd-detect-virt
[2013-01-13 16:59] ==> The legacy configuration options are no longer supported in rc.conf,
[2013-01-13 16:59] convert your rc.conf to the new configuration formats.
[2013-01-13 16:59] upgraded systemd (195-2 -> 196-2)
[2013-01-13 16:59] ==> The "block" hook has replaced several hooks:
[2013-01-13 16:59] fw, sata, pata, scsi, virtio, mmc, usb
[2013-01-13 16:59] Replace any and all of these in /etc/mkinitcpio.conf with a single
[2013-01-13 16:59] instance of the "block" hook
[2013-01-13 16:59] upgraded mkinitcpio (0.11.0-1 -> 0.12.0-2)
[2013-01-13 17:00]
It seems that the image will not produce a running system.