Have owned a Cutlass - have to say its was a bit boring, except when it got the prerequisite electrical problems. Often, it just needed a flick of the master switch to reset the regulator and off it went again. So if you notice the radios getting a bit quieter, try that first. Of course, when it really wants to test you it will flatten the battery in about 10 seconds and no amount of playing around with master switch will get it to recharge. This is fun because you lose everthing electriical - flaps, radios, gear the lot. Not too bad on a sunny day but a bit scary at night with 1200 ft cloud base - believe me. I always carried a handheld radio and GPS in that aircraft.
One thing you have to watch is to make sure that little yellow light comes on after you put the gear up. If not, the motor continues to run, gets very hot and eventually leads to alternator breaker popping - and guess what, complete electrical failure. If the little yellow light does not come on after about 20 seconds max (I think the book says it should take 5), pull the gear circuit breaker. On one occasion, the motor did get really hot (yeah, I know I should have watched the yellow light closer) and actually melted the static lines which run close to some of the hydraulic lines. Result was I got complete electrical failure and loss of static instruments - again at night.
I have heard of a few Cutlasses having these kinds of problems. I replaced the hydraulic powerpack, regulator, various, capacitors and many other bits and pieces, but still had problems with that little yellow light and the alternator randomly tripping from time to time. I guess many Cutlasses have had quite a hard life as commercial trainers and have an 20 year old electrical system that is about the same standard (and dare I suggest condition) as a 1978 Cortina.
However, overall, I would have to say they are a bloody good aircraft. They carry quite a reasonable load (mine was basic 750kg, MAUW 1202Kg). It has to be said the gutlass cutlass name is very, very well deserved at max load on a hot day! It would go along at 130 kt quite happily and burn only 33 l/hr if leaned a bit. 235 l usable meant it would go quite a long way. I flew mine 600 nm nonstop many times with plenty in reserve. No, it is not a 182, but really there is very little advantage in a 182 unless you are carrying full load. 182's do burn one hell of a lot more fuel for about the same speed. The good old 0-360 in the RG is a much more durable engine than that fragile cylinder cracking 0-470 in the 182 and hence generally the Cutlass is much more economical prospect.
Compared to the Arrow, the Cutlass is better. The big flaps the ability to maintain some sort of glide performance, better short field performance and nicer Cessna general handling make it a much better commercial trainer to my mind.