Hi,
I went the "Cadillac" route and bought an eMMC card to snap onto the bottom of my C2. Are you using an SD card? I've had no problems similar to yours even though I do see the warnings I posted above each time I install an upgraded linux-odroid-c2 package. I'd be surprised if your problem was caused by bad blocks but it's a possible explanation, I suppose.
Remember that mkinitcpio is only preparing an initramfs image to use as the board boots up. Seeing modules missing from this doesn't mean your
system will be missing kernel modules once it's up and running. You should be able to find modules under, for example, the /usr/lib/modules/3.14.65-8-ARCH tree. Can you pull out the SD (or eMMC) card, plug the card into a laptop or workstation, then mount the filesystem on its partition?
Last gasp is to start from scratch I suppose -- wipe and reimage your card and try a first time boot-up again.
In order to do serious debugging you really do need a serial cable. This is one of the things I've learned with these single board computers and from mucking around with custom firmware flashing on wireless routers. You'll have to pay extra for a cable but some debugging tasks are more-or-less impossible without one.
So, if the problem persists perhaps you can borrow a cable from a friend or a lab tech. That would allow you to report back with some more info. HTH
Clemmitt