devfs and /dev on liveCD boot

On a "Live CD" boot (like a Mac x ESD install image), how does /dev work? I would guess, /dev is actually located (mounted devfs?) in RAM. "Auto-magically" would be another guess...
cheers

P.S.
Code:
df /dev |awk '{print $1,$NF}'
Filesystem on
devfs        /dev
 
Yep, it just appears like a filesystem, it doesn't 'physically' exist on the disk. If you unmount devfs(5) you'll see that /dev/ is just an empty directory.
 
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