Give it a shot and let me know when you're switching all your other Linux development over to Arch. :)
You can also go to http://www.raspberrypi.org/downloads/ and pick one of the OS's, including Arch Linux. You might end up turning your pi into a media center, with either openelec or raspbmc too. But there's also raspbian and pidora, which are obviously versions of debian and fidora for the pi.
"No matter where you go, there you are!" - B. Bonzai