Arnold is a great render and it comes with Maya so you should not have any reasons to NOT use it.
My reasons for not using it are, that time ago i had really bad experiences dealing with reflections and refractions in Arnold. I did several test with Mental Ray, Renderman and Vray, and all of em threw better results dealing with reflections. At least that is what i noticed. And thats the reason i dont "like" Arnold. But if you are not too extrict about it, there is no reason for not using it.
But the main reason i dont use it is because i just love Renderman and it is the render im going to use at least as long as its free. Even if i dont know exactly how to use it in a lot of aspects, i like the results you get, the speed and the ipr workflow. Also i like the material preset editor, the light rig editor and a lot of stuff renderman have.
Nvidia have a lot of experience with 3d so thats the reason it is a good thing that they own mental ray now. And i will probably switch to it again once im pretty sure im not going to have another problem with the presets (using mental ray presets is one of the reasons i used it because it was fast to my workflow).
You could try Renderman. Its a bit tricky in the beginning, but as any other render, you will just need to learn a little how to use it and configure everything. Well it took me about 1 day to do so. At least the basics to render and get decent results with lights and materials. Its an amazing render and the best of all, ITS FREE. And its from Pixar. And i love pixar movies.. hahahaha (one of my fav movies of all times is Wall-E).
Options?? renders that are totally free (for NON commercial use), as far as i know, arnold, mental ray (but be aware that mental ray free version does not come with IPR), renderman and im not aware of others. Some renders like Vray, redshift, etc have versions that are free but come with some restrictions, and some of em important ones, so i would not call em "free".