According to Drysc, Blizzard has been making changes continually since releasing 2.4 in order reduce the wait times. He asks that you leave feedback in his post on the forums if you have played in the Arena within the last week.
Reading through, the feedback is all positive. Well, mostly. Poe jokes that the queue times are too quick now and would like a couple minutes to do a round of mining in Nagrand. Otherwise, everyone agrees that the queue times are now just a few seconds as opposed to several minutes. The only real negative comments are about how they would like Blizzard to crack down on Win Trading.
I am happy that Blizzard is soliciting feedback to find out what is really happening in the game. Do you think the Arena wait times have decreased?