"That's pretty much all Arc can bring to the table at this stage: a throwing out of all the old cruft that was preventing LISP from moving forward." ~ from the article
If Arc can bring excitement back to Lisp I feel that is a much larger accomplishment than any possible technical accomplishment. Already Arc is being tested by hundreds (thousands?) of people playing with it. It's only going to get better as more libraries get implemented and more people use it. I'm actually really excited about the possibility of building something cool in it.
It may be the case that PG has enough juice to actually get a cult following going for Arc. Wouldn't that be awesome? An active community around a decent version of Lisp, does he really need to accomplish more than that?