He's probably less experienced than the likes of Giggs and Phil Neville who've both worked under one of the best in Ferguson plus Van Gaal and Moyes but if either of them were linked with the job there would the fume to end all fumes. I'm sure whenever both were mentioned in Premier League managers jobs the general opinion (rightly) was that they should fuck off to the lower leagues and cut their teeth there first, I don't see why it shouldn't be any different with Arteta? Even Gerrard's taken a big drop in quality to learn his trade.
People like Guardiola are still very much the exception rather than the norm but he'd had a stellar playing career as well so you can see people wanting to play for and learn from him, I can't see Arteta, a guy who's limited playing success came fairly late in his career being a big draw. I'm not saying he won't become a good manager, I just don't see a single reason (other than he was a fans favourite) to take such a big risk given our recent management track record.