This looks like frosty orange death on me, even though it barely shows up, *even though* I'm a PPP (check my pics if you don't believe me). It looks really pretty in the pan--there are hints of golden shimmer--but it didn't look good on. I tried using this with a darker colour in the crease and no matter which one I used, Arena just looked muddy. Check out Jane Coolest Coral Eyezing if you're considering Arena--it's also lightly pigmented and comes out a similar golden-peach colour, but less frosty and with less orange tones.
MAC's shadows are the best. Arena is a gorgeous peach shade. With a slight amount of shimmer. Simply beautiful.
A good neutral eyeshadow...it has a matte brown/peachy tone. MAC labels it a "satin" correctly; it glides on nicely and feels really soft. A good companion to a natural look.