I got my CMG Ultra in the mail yesterday.
BEAM: The CMG is noticably brighter than my ARC-AAA LE, and since the beam is wider, the volume of light is considerably better.
SIZE: The CMG is HUGE compared to the ARC, about three times the volume.
WEIGHT: The CMG is also about three times heavier, though a lithium battery would make it lighter.
FIT and FINISH: The CMG has a shiny greenish finish, while the ARC has a dull matte, but the ARC looks the same as when I bought it. I assume the CMG will scratch and not keep it's appearance as long. The CMG had tool marks near the lanyard hole. The ARC has a more professional look.
UTILITY: - The CMG is generally handier to use due to it's larger size, but the ARC is more convenient for everyday pocket carry. - I'm always misplacing my little ARC at home. - I often hold the ARC with my mouth, as a third hand, while carrying objects or working with my two hands, but the CMG is uncomfortable for this. - I occasionally place the ARC atop my ear as a headlamp, but the CMG is too large and heavy for that. - I sleep with my ARC clipped to my shorts or t-shirt collar: the CMG would be very uncomfortable.
BATTERY COMPATIBILITY: AAA's are becoming more prevalent but can be hard to find in more remote areas. I had to supply AAA's to fellow cruise passengers in the Caribbean when they couldn't find any at our first two ports. The CMG has the advantage of accepting AAA's, using an AAA-AA adapter.
If I could only keep one I'd take the ARC. If I needed a light for extended use, I'd grab the CMG for it's bigger, more comfortable grip and brighter beam. You should have both.