At long last, Arch Linux 0.3 is released! Firefly sports the new pacman 2.0, many new/updated packages and a (hopefully) smoother installation process. There is also some user documentation available which will get you started with the nuances of pacman and makepkg. All packages now have meta-info and dependencies, and the improved ABS system will allow you to follow different package trees. See the changelog for a list of new packages.
The 0.3 iso is about 543 MB with all the new packages. If there is enough demand, I will release a second, smaller iso that only contains the base packages. From there it is easy to install any additional packages with pacman's new --sync feature.