Well, after 5 days, I've pretty much run the course for PvP. It was fun at the start as I was learning how to play it and what worked and what didn't, but not any longer. Here is what I've determined (and I only make claims for myself, since other players using other ATs will have a different impression.)
Inv/SS Tanker is what I play.
Fighting other tankers: Pointless. It's gotten to the point where I don't fight them and they don't fight me. Occasionally there's a hold, or a debuff, or toggle drop or something else that turns a tank into a squishie and can therefore be worthwhile to attack but 90% of the time you'll have more fun going after a squishie. Heck, even non-tankers find it generally pointless to attack tankers. The point of a tanker is to take hits but if no one attacks you, what is the point? Not sure how the Devs can resolve that problem. Not fun.
Taunt: Broken, useless, and rediculously powerful all at the same time. If you're taunted, you run away until the taunt wears off - useless and not fun. If you taunt defenders and/or blasters, they become completely useless and it is not fun for them - rediculously powerful. Anyone gets perma-taunted - completely not fun - broken.
Radiation: If you're hit by this, it's all over. You might as well be perma-held at least until you die which is sometimes not quick enough. Not fun.
Force Field Defenders: I don't know if they're all a**holes but every one I've encountered so far at some point activates that shield thing that basically makes them impossible to hit and then type "lol" and "lmao", or read a newspaper as you try to hit them. Not fun. All I gotta say is be wary of being unsportsmanlike to a tanker with a broken taunt power and a short temper...
Terrorize: Basically the same thing as a perma-hold. Not fun and yet people still insist on using it even after being told of its rediculousness. I started having a rule, if you use terrorize, I use taunt. Then no one will have fun.
Holds in general: any time you are stuck for a length of time unable to do ANYTHING it is not fun. And in the arena, this is true far too often. Running from one held character and pounding them down to another held character just isn't fun. It's also not fun being on the receiving end sitting there looking at your held character for minutes on end.
Superspeed: I'm sick and tired of chasing people all over the map only to get one attack off every 30 seconds or so when I happen to get in range. Other travel powers aren't so hard to deal with but fighting anyone using their travel power with a melee character is not fun at all.
Bugs: the whole non-toggle passives shutting off after death is so incredibly annoying. You might as well type /requestexitmatch 1 when this happens.
Gameplay in general: PvP is simply a gank fest in nearly every match. Someone gets held, terrorized, or basically gimped in some way and then everyone on the opposing team beats them to a pulp. Rinse and repeat - not fun regardless of whether you're the ganker or gankee. Usually it's the squishies that have the hardest time. It seems they are either totally screwed or they are uber-powerful to pointless extremes and not a whole lot in-between. Very, very rarely is there an interesting balance of ATs in a match that makes it fun for everyone.
There is almost always one team that has a decisive advantage over another because of some power they have that the opponent doesn't, and then they simply trounce the opposition. I've been on teams that were doing the trouncing and been trounced in the same way and neither way is fun.
To play 10 matches before playing one that is fun and/or a challenge is a very poor ratio and after only 5 days (really 5 sessions of a couple of hours each), I'm tired of it.
I'm beginning to believe that the devs will never be able to change it to anything less. Powers might see some better balance eventually and the bugs will be fixed but it's always going to be some form of rock/paper/scissors and you can only play that game so long before it really gets old.
If anything, there should be other games that can be played in the arena. Things like capture the flag, some sort of race, paintball/laser tag, or something. Some sort of activity where you can compete with others without it being a test of how much damage you do.