Okey, I just gotta ask, why Arial? It's horrible, and ESPECIALLY used for body text. Works on the web, but in print, when you have the option to go for Helvetica (or better, Univers)? Main issue with Arial beside the details is the spacing/kerning. So IMO, if you are doing bodytype, stay the heck away from Arial.
I like Times New Roman, properly spaced in capitals, not too fond of it for body though. Overall, my favs for body is Univers for sans and Adobe Garamond for serif.
edit: br3n, you're right, Verdana is a screen-type. It can work for print body in small sizes (which is what it was designed for, which is why it's much more round than say Arial which is thin and high,
edit 2: I just saw that you wrote "for a site I'm working on", which makes me do a facepalm, blush a bit, and say that yeah, Arial work nice, just make shure you test it for readability on a Windows XP-machine, it's hard to read in small sizes without anti-aliasing.
Oooopsie!