I was looking for a deck that ran Arena, and would probably depend entirely on Phyrexian Arena to win games. I found one as I was looking through Chris Romeo's articles. You can read the last in the long chain here: From Right Field: Big Bottom (Smell the Glove Even More, Part III) I found that this deck was perfect to test whatever decks I were going to build. If it couldn't stand up to this budget deck, then it probably wouldn't stand against far more powerful ones either. I didn't like the final version of his deck, because it was probably far more powerful, far more reliable and of course, far better than the second last version, which I did build.
The deck itself uses eight rares: 4 Phyrexian Arena and 4 Night of Souls' Betrayal as what I would call the deck's power base. Being a budget deck, it only run two win conditions: Genju of the Fens and Consume Spirit.
Yam knows very well how it is like to be beaten down by a Genju of the Fens, since he played the deck. I'd actually tested the deck far before I brought it to play against him to see if I could tune the deck even more. Unfortunately, I'd have to say Chris Romeo did most certainly hit the nail with the build. I don't think I see any budget way too improve it against a casual budget deck.
I'd have to say the deck runs completely off Phyrexian Arena. It's close to impossible to win faster decks if you don't play a Phyrexian Arena. Night of Souls' Betrayal also shined against any sort of deck. On its own, it can completely wreck weenie strategies as well as a Meloku. The deck runs loads of removal, meaning it shows how card advantage will eventually win you the game. By drawing double what your opponent is drawing, you can handle practically every creature in his hand with one of yours, leading to many one-for-one trades in the long run.
The kind of removal is, of course, what you can find: Kiku's Shadow, Hideous Laughter, Cruel Edict, Darkblast and so on. In the long run, your opponent will run out of cards, and your hand will still be full. This eventually leads to a situation where your ever looked down upon Genju shows its stripes and begins to takes large chunks out of your opponent's life count.
(I'm out of ideas for now to write on a little longer. I'll probably come back and edit this to add more. :D)