Arcane Arts is one of the skills you can train in, and governs the level of abilities you may purchase from the masters.
Arcane Arts is a class skill. You may learn up to two of the three class skills (Arcane Arts, Archery, and Swordplay).
With each level, the chance of a critical spell failure decreases.
At level 2, you have a slight chance to cast spells with no mana cost (a "perfect cast")