I just updated mine to ics, and frankly I wish I hadn't bothered. I had nothing but problems with some apps not working, and the infamous wifi issue doing the rounds.
It was also way more laggy the gingerbread. And just to clarify it wasn't really an update/upgrade I did, I wiped and installed factory fresh.
I have now downgraded mine back to gingerbread (using wotanserver.com) with fresh install of all my apps. Arc s is now once again a fantastic phone. Love it. So staying with GB until I change my phone.
Just my opinion. But like the cliche, 'if it ain't broke don't fix it'.
Regards