The biggest advantage of the Arcade PSU is that it's already good to go for a bench PSU since the power is already there and easy to wire to. The disadvantage is that it does not have the negative VDC that the PC PSU has. Looks to me like the Arcade PSU has +12v, +5v, gnd, AC1, AC2, AC Gnd. A PC PSU has +12v, +5v, +3.3v, gnd, -5v, -12v (and can also provide 24v, 17v, 8.3v, etc. by using a voltage as ground). I guess the AC could also be brought to the panel if desired. But, the PC PSU requires a little work and apparently doesn't provide all that good quality power from what I've read.
Now that I think about it, having those other power choices would be kinda nice, so maybe I'll just bite the bullet and build one with a PSU I have sitting around in the basement. I gave away my only arcade PSU a few years ago, so I'd have to buy one anyway.