If you are upgrading current or to current any time soon, you will need to take special measures. We have switched our stock kernel to using an initrd by default now, but this only effects i686 and x86_64 for now. All other archs are unchanged. If you are running a fairly simple grub setup, you only need to run grubconfig after the complete upgrade. If not, then you need to add this line to your Frugalware menu entry in menu.lst. Here it is:
initrd (frugalware grub partition)/boot/initrd.img.xz
If you encounter problems with the new kernel, please file a bug report. But before you do, check if your root partition is /dev/sd* and not /dev/hd*. Try converting the /dev/hd* to /dev/sd* if you are having trouble.