Just as an FYI - it is Very important to carefully follow upgrade procedures correctly when upgrading to -current. Specifically, make sure you move your /etc/rc.d/rc.udev.new file to rc.udev
The new udev apparently operates in a new way (which I haven't explored, so if anyone knows what's changed, please add to this thread), and the new init script is necessary to reflect those changes.
I forgot to update my new init scripts, and my system hanged on the next bootup at the echo
"Using /etc/random-seed to initialize /dev/urandom" .
I booted up a live cd to check my log at /var/log/messages , which showed a very scary message -
init: open(/dev/console): No such file or directory
So if you're experiencing these symptoms, definitely check that you've got the latest rc.udev script running at bootup so that it will create all the necessary devices for startup. A small live cd like Slax will do the trick - mount your root partition and copy over the new udev script (which should be installed with the latest udev package).