No I agree - the huge lack of content for Arena has killed it, and several times I've brought people into the game to have them quit, because nothing new is coming out. In it's essence, Arena is not a boardgame, it's an LCG skirmish wargame, and both CCG/LCG's and Wargames survive on a constant stream of releases.
AW are a small company, and are doing what they can with the resources that they have, but the lack of releases and stirring up the metagame has had a large and negative impact. And no, Academy releases don't count (and there's not nearly enough of them if they did).