It's the skin made by Arsenal fans (well, one) for Arsenal fans. At the moment, only the left-sided skin is available, but the right-sided Hleb version should be available soon (at the time of writing).
Instructions:
Copy the [arsenal-edition] folder into [drive letter]

Program Files\Sports Interactive\Football Manager 2007\data\skins\. It should show up in your FM skin selection menu immediately, but if it doesn't, turn off skin cache and try again as per usual.
Thanks to Rosenberg who allowed me to use some of the elements from his Siple skin as the basis for the Arsenal Edition. In addition, thanks to mikiz, the talismanic Arsenal devotee from GPTG, for his suggestions and feedback throughout the construction of this skin.
Download here Screenshot