Replacement? Or nay? Current model needs to retire long ago. But I personally don't really like this one much. Not bad, but... Ya-ah. You know. It's just a new CTE line engine with cockpit.
I really don't see the need to make the Arrow a CTE ship. It's essentially a sporting craft, it should be made by a different ship-builder (the Arrow is a civilian ship built by a private Liberty ship-building company - inforcard).