Check out some of the features:

Operation and Script :
I. The arcade script runs fast, smooth, and looks amazing.
II. Very easy to modify if you are comfortable with dreamweaver
III. This Script easy to install and comes with totally excellent well written instructions.
IV. Arcade uses SEO Friendly URLs
V. Supports multiple File types and also can be easily converted to a video site
VI. Free full forum support (this does not expire).
VII. Adsense is intigrated script and the placement has been optimized, tested, and recorded for the best results per visitor. The adsense simply has a better CTR.

Admin Controls :
I. Ability to set how many game plays someone can have before they have to register into the site
II. Ability to easily add additional pages using a custom WYSIWYG editor
III. Your can turn on/off the adsense
IV. Ability to add, edit, and delete media
V. Add and organize new categories
VI. Manages your members, their profile, and the comments they make
VII. Add links to either sitewide or in the links page
VIII. Template Changer
IX. You can control your Site title, meta keywords and meta description through to admin settings
X. Control games per page, total games next to category, etc
XI. Meta Tag Template Ready - The meta tag is in place, all you have to do is put in your own keywords and description.
XII. Social Bookmarking Integration - A chance for your visitors to add their favorite games to their social bookmark site.
XIII. Shows latest news and announcments on the main PH Station to keep you up to date on what's new with PH Arcade.
XIV. Choose your links attributes (nofollow, dofollow)
XV. Hook admin notes with the link to keep track of the three way link exchanges you could make

Visitor Functions:
I. Visitors can signup at the game site and have their own profile
II. Members can rate games they play using the 5-Star system
III. Full Screen View options
IV. Visitors can Embed games on your arcade to their website(blog, myspace, etc) to give you some extra backlinks and visitors
V. Users have to Tell a friend feature
VI. Members can comment on games
VII. And Much More....

Check it out yourself:

If you are interested in purchasing then please visit PH Arcade. You can get the script, game packs, copyright removal etc.

The premium runs for $19.87 but there also is a free version available as well.