Make sure here to copy with preserving hardlinks, use tar or rsync -aH for this. And, you can exclude some content like /dev/* (but not the directory /dev itself!).
Use "star". This will preserve SELinux configurations, which neither tar nor rsync do.
The SELinux file contexts are stored in extended attributes, so you can use the --xattrs flag to rsync or tar to copy these across.
Kal