This reminds of the time where I was at a go-kart track in NW Atlanta with my 11 year old son. Tons of signs "not liable for injury, we maintain no insurance"... He smacked the kart into the end of a concrete lane separator at ~20-25 mph, and his mouth hit the steering wheel of the kart, and his upper lip hit his teeth, resulting in a fair amount of blood. People from the track came to help, and they were looking at him and suggested that we take him to the emergency room. I suggested that they had not strapped him in correctly, or it would have been impossible to occur in the first place, and that I expected them to cover the medical bills. We took him on the hospital, and as it turned out his injuries were minor. The interesting things was that the next day, we heard from the track's insurance company that they would in fact take care of any deductibles or out of pocket expenses.
Arbitration mentions in a contract are a lot like the signs at the go-kart track - they are designed to make people think that they have no legal recourse. To paraphrase a previous poster, judges don't take kindly to those who say they don't have a say in a situation that is placed in front of them. These clauses often get thrown out if a lawyer is involved, from what I have seen.