After trying many many different ROMs for my SonyEricsson Arc S. I have finally settled for stock .587 based custom ROM made by 4pda.ru forum member “gorolegov”.
Download Rom: mix Beautiful ICS.
Google apps are included in the ROM.
Kernel: Lupus v9
Kernel Wifi modules: Lupus v9
Some very useful additions:
Long press volume buttons to skip tracks
Kernel must be flashed via fastboot (fastboot.exe flash boot LuPuS-ARC-S-v9-_-.img), all zip files should be installed through CWM Recovery.