Криво собрался/собирается Initramfs.

uname -r
ls /lib/modules/`uname -r`

[root@localhost /]# uname -r
3.2.0-2-amd64
[root@localhost /]# ls /lib/modules/`uname -r`
ls: невозможно получить доступ к /lib/modules/3.2.0-2-amd64: Нет такого файла или каталога
[root@localhost /]# ls /lib/modules/
3.4.2-2-ARCH  3.4.3-1-lqx  extramodules-3.4-ARCH  extramodules-3.4-lqx

[root@localhost /]# pacman -Q | grep 3.4.2
gsettings-desktop-schemas 3.4.2-1
libdc1394 2.1.3-2
libraw1394 2.0.7-2
linux 3.4.2-2
linux-headers 3.4.2-2

...
ERROR: could not open directory /tmp/mkinitcpio.vYvIEE/root/lib/modules/3.4.2-2-ARCH: No such file or director
...
ls /lib/modules/
3.4.2-2-ARCH  3.4.3-1-lqx  extramodules-3.4-ARCH  extramodules-3.4-lqx
...

[root@localhost /]# mkinitcpio -p linux -k 3.4.2-2-ARCH
==> Building image from preset: 'default'
  -> -k /boot/vmlinuz-linux -c /etc/mkinitcpio.conf -g /boot/initramfs-linux.img
==> Starting build: 3.4.2-2-ARCH
  -> Running build hook: [fbsplash]
  -> Running build hook: [base]
  -> Running build hook: [udev]
  -> Running build hook: [autodetect]
==> ERROR: /sys does not appear to be mounted. Unable to use autodetection
  -> Running build hook: [scsi]
  -> Running build hook: [sata]
  -> Running build hook: [resume]
  -> Running build hook: [filesystems]
  -> Running build hook: [usbinput]
  -> Running build hook: [fsck]
==> Generating module dependencies
ERROR: could not open directory /tmp/mkinitcpio.1LsyLf/root/lib/modules/3.4.2-2-ARCH: No such file or directory
FATAL: could not search modules: No such file or directory

[root@localhost /]# mkinitcpio -p linux
==> Building image from preset: 'default'
  -> -k /boot/vmlinuz-linux -c /etc/mkinitcpio.conf -g /boot/initramfs-linux.img
==> Starting build: 3.4.5-1-ARCH
  -> Running build hook: [fbsplash]
  -> Running build hook: [base]
  -> Running build hook: [udev]
  -> Running build hook: [autodetect]
  -> Running build hook: [scsi]
  -> Running build hook: [sata]
  -> Running build hook: [resume]
  -> Running build hook: [filesystems]
  -> Running build hook: [usbinput]
==> ERROR: module not found: `hid_prodikeys'
==> ERROR: module not found: `hid_roccat_arvo'
==> ERROR: module not found: `hid_zpff'
==> ERROR: module not found: `hid_roccat_isku'
==> ERROR: module not found: `hid_picolcd'
==> ERROR: module not found: `hid_lcpower'
==> ERROR: module not found: `hid_gaff'
==> ERROR: module not found: `hid_multitouch'
==> ERROR: module not found: `hid_zydacron'
==> ERROR: module not found: `hid_roccat_koneplus'
==> ERROR: module not found: `hid_roccat_pyra'
==> ERROR: module not found: `hid_roccat_common'
==> ERROR: module not found: `hid_kye'
==> ERROR: module not found: `hid_keytouch'
==> ERROR: module not found: `hid_saitek'
==> ERROR: module not found: `hid_tmff'
==> ERROR: module not found: `hid_cypress'
==> ERROR: module not found: `hid_topseed'
==> ERROR: module not found: `hid_elecom'
==> ERROR: module not found: `hid_roccat'
==> ERROR: module not found: `hid_logitech'
==> ERROR: module not found: `hid_apple'
==> ERROR: module not found: `hid_magicmouse'
==> ERROR: module not found: `hid_dr'
==> ERROR: module not found: `hid_petalynx'
==> ERROR: module not found: `hid_sunplus'
==> ERROR: module not found: `hid_sjoy'
==> ERROR: module not found: `hid_samsung'
==> ERROR: module not found: `hid_kensington'
==> ERROR: module not found: `hid_wacom'
==> ERROR: module not found: `hid_uclogic'
==> ERROR: module not found: `hid_hyperv'
==> ERROR: module not found: `hid_tivo'
==> ERROR: module not found: `hid_speedlink'
==> ERROR: module not found: `hid_roccat_kovaplus'
==> ERROR: module not found: `hid_gyration'
==> ERROR: module not found: `hid_sony'
==> ERROR: module not found: `hid_logitech_dj'
==> ERROR: module not found: `hid_cherry'
==> ERROR: module not found: `hid_ortek'
==> ERROR: module not found: `hid_emsff'
==> ERROR: module not found: `hid_waltop'
==> ERROR: module not found: `hid_belkin'
==> ERROR: module not found: `hid_microsoft'
==> ERROR: module not found: `hid_chicony'
==> ERROR: module not found: `hid_wiimote'
==> ERROR: module not found: `hid_ntrig'
==> ERROR: module not found: `hid_ezkey'
==> ERROR: module not found: `hid_axff'
==> ERROR: module not found: `hid_monterey'
==> ERROR: module not found: `hid_pl'
==> ERROR: module not found: `hid_a4tech'
==> ERROR: module not found: `hid_twinhan'
==> ERROR: module not found: `hid_primax'
==> ERROR: module not found: `hid_roccat_kone'
==> ERROR: module not found: `hid_holtekff'
  -> Running build hook: [fsck]
==> WARNING: No modules were added to the image. This is probably not what you want.
==> Creating gzip initcpio image: /boot/initramfs-linux.img
==> WARNING: errors were encountered during the build. The image may not be complete.