FreeBSD does page faults just like everybody else. Your process blocks until the memory is read in.
And the bit from the paper that is relevant:
> A non kqueue-aware application using the asynchronous I/O (aio) facility starts an I/O request by issuing aio read() or aio write() The request then proceeds independently of the application, which must call aio error() repeatedly to check whether the request has completed, and then eventually call aio return() to collect the completion status of the request. The AIO filter replaces this polling model by allowing the user to register the aio request with a specified kqueue at the time the I/O request is issued, and an event is returned under the same conditions when aio error() would successfully return. This allows the application to issue an aio read() call, proceed with the main event loop, and then call aio return() when the kevent corresponding to the aio is returned from the kqueue, saving several system calls in the process.
Also, using a worker pool for I/O scales just fine and has no real disadvantages when talking to a disk or SSD.