netcfg v2 is a complete rewrite of the netcfg that was previously included within 'initscripts'. netcfg v2 has been moved into a different package 'netcfg'.
netcfg v2 is feature compatible, but not configuration compatible. Configurations need to be rewritten for netcfg v2, and examples are included in /etc/network.d/examples.
For more information on transitioning to netcfg v2, please check the wiki: http://wiki.archlinux.org/index.php/Network_Profiles