Agreed. I set up a bitstamp account just recently with a view to do some arbitrage.

Having done the sums though, it's a no go for me unless the price gap widens. Hefty fees and exchange rate spreads (my home currency is not the US dollar), combined with a ridiculous amount of time spent before the money comes back to your account thanks to slow wire transfers by Gox, just doesn't make arbitrage possible...at these prices.

Being american does help though, you can arbitrage narrower exchange BTC/USD spreads since you don't get hit with daylight robbery bank exchange rates (another 3% markup over market rates, in my case) to convert back to your home currency.

Still, unless we're talking large sums, or maybe BTC-E vs Gox, where the differences are larger....arbitrage is simply not possible at the current price differential for most people