I like Arteta in that role. He dictates so well from there.
Yeah he's a fantastic quarter-back like, kind of Riquelme player in there, but I think in the Premier League Arteta isn't the man to be playing the holding midfield role. It requires a lot of positioning discipline when we haven't got the ball, and even when we have got the ball, to know when to hold back away from the play. Fellaini along side Arteta would be perfect in my opinion.
Also, Arteta in the holding role takes him away from our attacks in the last third, and means he'd have less freedom.
Fellaini, Rodwell, Heitinga, Neville... or Osman on his day, are the only players who should be playing there, IMO.