You make many good points, but not all ARMs are bad. When I was at Dollar I did commercial loans, but I know we had a residential product that was fixed for 5 years, and had no penalties to refinance. The rate was lower than any fixed rate loan, that was a really good deal. So even some ARMs can be ok.
Just make sure you understand everything before you put a penny on the line. Do not be rushed into anything…you will most certainly regret it.