No, Arch doesn't use devfs anymore.
It's considered a bleeding edge distro when it comes to software updates, so if you like to keep things updated all the time, you might experience some breakage now and then. The latest thing to break some systems is the new xorg 7.0 that just went into the current repo.
Pacman is great and I like it far better than apt-get, or emerge.
If you think you might be interested in Arch, you should make a backup of your current system and then try it, as it's quick to install and costs nothing other than the blank CD you record the ISO onto. If you don't like it, you can always restore your backup quickly enough.
ozar