Arbi is alive and well, just got to look outside the box. Adwords to Adsense is dead as is driving crap to many parking sites. Adwords/Adcenter to other feeds is hard work but not impossible.
What you need are the right feeds and the right sites, you need sites that pass the sniff test and you need feeds you can control with your own scripts. If that seems like an elite club then you may be right. Adsense crap gave arbi a bad name because any old dipshit could play, there were people well before Adsense making serious $$$ and there still are.
You can still make $2-3k per day driving traffic, maybe more but the clever arbi guys are investing in content also, building real sites for the engines to eat. Spend on content for a site and get freebie clicks for an age, still arb you just ain't doing ppc to ppc.
The serious players never wanted Adsense spam, all it did was saturate the market and lump them in the same room with the apes, now arb is quieting down or appears to be publicly the clever guys will get to work. Thats my take.