I have been an Arch Linux for a while now, and I am still liking it.
Here's the good side of it:
It's small (one CD)
It's simple (it comes with very little)
It has a decent package selection (if you consider AUR, more about that later)
It uses pretty much unpatched upstream software
It's a binary distro (except for AUR. Again, more about it later)
It's pretty stable (no crashes I can remember)
It has rolling releases (unlike, say, Fedora or Debian)
It's easy to keep updated (like all of them nowadays)
It's not ideologically dogmatic, but pragmatic (yes, there are NVidia drivers, and test-drive games, and whatever)
It doesn't seem to be a one-guy joint
And the bad side:
Updates sometimes break things (about twice a year)
Admin tools are between unexistant and disjointed
And of course, there is the very very good side: AUR
AUR is a comunity repository. And there is a rather large community. And packaging things for Arch is so easy, and putting things in AUR is so simple, even I find time to contribute (my packages).
And it's a calm community, and pretty much, instead of compiling my random unknown packages for myself, I save the steps to build them and stick them in a PKGBUILD and upload them. Takes two minutes for most things.
It's a throwback to the old days of Linux: quiet, competent (or learning) people doing things, sharing, you use them, you give back... I had not felt that way with a distro for years.