Only problem is if your library is more than just a few files (e.g.: Ruby's RMagick requires you separately install ImageMagick; any Arc bindings to ImageMagick would require similar). Still, this is absolutely great! It seems so obvious and easy I'm surprised no other languages (that I know of) have it.
and the browser doesn't need to download it again if it is already in the browser's cache. This was one of my inspirations as I've been doing a lot of browser Javascript lately. The addition I made was to avoid getting the latest version automatically, as I imagined people might be nervous about that. (I know I would be. After all, Javascript in the browser runs in a sandbox, but Arc on your server can call (system "rm -rf /") etc...)