I would kill to have Arrington involved in my startup. I'd want him simply for his knowledge of how press works, ignoring the fact that he has such a long history of seeing and reporting on how startups are doing - and his network must be insane at this point. Can you imagine what a seal it must be to have Arrington invest in you?
Who cares if he has or has not created drama? I actually think his ability to report on news regardless of the fact a lot of the subjects are his friends, shows a huge amount of integrity - and I know that Hacker News hates him - but still, he could easily be as trashy as Gizmodo but he has managed to do it whilst remaining mostly neutral to his network. Impressive.