I have just got a Fed-Arsenal, very bad condition but very cheap. So, I won't be deceived!
This camera is certainly a fantasy camera. But it seems that a small series could have been made at Arsenal's before Fed begin again their work. With Fed spare parts, of course.
I don't know more than that was said here on the subject five years ago: http://ussrphoto.com/Forum/topic.asp?TOPIC_ID=1549
And I don't forget that Bill's one was made of Zorki 1b parts: http://ussrphoto.com/Wiki/default.asp?WikiCatID=76&ParentID=1&ContentID=21&Item=FED%2DArsenal
That said, I wonder (just a little!)... On my s/n 00067, some parts don't come from Fed's: the view counter (pins between 10/15 and 30/35) and the speed dial, with a different engraving. And the 00004 (on Abramov's and Luiz's sites) has exactly the same replacing parts, as if they had missed when mounting the camera and the factory (or the forger?) had to re-make them...
Here is a photo of the seller (The camera is not yet here)

http://www.ussrphoto.com/UserContent/3062015_Fed Arsenal 1.jpg
Any ideas? Do we know other Fed Arsenal cameras now?
Thanks. Jacques.
