Are you saying that you have the latest Maya 2017, Update 1 installed and no license for Arnold beyond what is included with Maya 2017 and the Arnold render loads for you? Is this on Windows 7 x64? or another OS?
I am having the same problem and hear a lot of people giving the same BAD advice when at least several of the people have confirmed SSE4.2, and gone through uninstalls and reinstalls. and for the record the topic at that link has no useful information for me.
CPU does not support SSE4.2
https://arnoldsupport.com/2016/03/08/arnold-minimum-cpu-requirements/
Missing environment variables
Missing DLL dependencies - pfft... download dll walker? I guess it's my responsibility to fix faulty installers now by downloading some extra app? no thanks.
https://arnoldsupport.com/2016/04/23/mtoa-unable-to-dynamically-load-mtoa-mll-the-specified-procedur... <<< this artical is less helpful than this thread so far.
It sounds like Arnold is broken after update - at least for those that have said so. I have yet to see anyone post "yes after update 1 maya 2017 on windows" that they have Arnold working. If you did get it working and found a way to do it without uninstalling the update 1, then please please post your procedure.
after a scorched earth - complete scrape of all autodesk products everything uninstalled following autodesk's outlined procedure to do so ( here ). Reinstalled Maya 2017 without arnold, then Update 1 without arnold. Installed Arnold from the separate 1.3.1 installer from Solidangle's website - no joy, same errors. Tried the troubleshooting tips with environment variables, no joy. uninstalled mtoa 1.3.1, and managed maya 2017, and added Arnold that way... still no joy.
with every install/uninstall, I've deleted the maya user directory so there's nothing there.
- spent over a half day on all these troubleshooting tricks.
done for now. hopefully no one replies to this "have you checked your CPU or etc" as... YES! I have RTFM on Autodesk, and Solidangle... and none of their troubleshooting works.
😉