I also played a decent amount of Arcanum. The story, writing, and game world were all fantastic and wonderfully unique, but unfortunately the awkward combat eventually made me fall off it.
I'd love to see what Telltale would do with the license. But I also think an indie studio could make an awesome point n click adventure game.
The game has some serious optimisation issues but hopefully they can be fixed. It's a pretty cool game though, and maybe worth picking up on a Steam sale.
Thanks! I know the feeling. It would make for an awesome ringtone!