Well, I don't think anyone can say arc has been getting any "buzz"...
Besides the early flurry of articles at its release it hasn't really gotten much notice. But that's OK- the goal of this language is to create something with a long time horizon in mind. Nobody, not even pg, would argue that arc, in its current form, is much of a technological breakthrough yet. Its contributions are more conceptual at this point. I think, though, for a certain style of programmer (such as myself and the few others frequenting this forum :-) it has a lot to offer, even in its current, incomplete, form.
If arc causes a Lisp revival, it would probably take a long time (a decade?) for that to happen. The chance that any new programming language will survive that long is small, so I think you'd have to be pretty sober about the odds involved. However, I have no doubt that arc will presage features in successful future languages, even if it, in itself, may have only a small chance of success.