I think Arnold's calves are outstanding- it's just his quads and hams which are lacking. Of course, Sergio had phenomenal calves too.
But yeah, Arnold does look fantastic in that one pose- but that's it, it's one pose. Sergio is better from the back, he has a better front lat spread and a more intimidating most muscular. I guess you'd haev to give the ab-thigh to Arnold by virtue of Sergio's crappy abs, but then Arnold wouldn't have too much taper in this shot. We'll never know the side-tri, unless someone posts some pics.
In that first pic posted by NeoSeminole, it's actually alot closer in the front double bi.
All comes down to personal preference.