Incidentally same topic of conversation over on Litecointalk (https://litecointalk.org/index.php?topic=19341) as well...
Yeah, it seems like most of the people on Litecointalk bought the story, the same way I did...except most seem to be continuing to theorize about things as though BTC-Arbs were legitimate. I think it's become pretty abundantly clear that it isn't and probably never was...although "Adam" did a bang-up job of posting very plausible and knowledgeable results posts for the prior couple of months, including hints at their supposed arbitrage method which were very much in line with how to do it efficiently, all of which lent credibility to the story.
But yeah, it's devolved into one-line results announcements and no further discussion of their "business plan," etc...and form letter or one-line replies in the support zone, none of which have anything close to the appearance of legitimacy that the site once had.
Every time I read the name Ron James, I can't help but hear Dave Chappelle in my head. "I'm Ron James, bitch!"