I think it didn't do well because with a name like Waterman people were expecting a boat--or at least a flying boat!
Registered as a motorcycle in CA?
I'm impressed with the tail-less design. It looks like a hangglider, although that technology was developed later, and hanggliders are controlled by shifting the weight of the pilot... does the arrowplane's fuselage hang from the wing and tilt? It wasn't clear to me how stable the thing was without a tail or canard...
There are public-domain plans out there for a similarly-sized fixed-wing glider, simply called the "Goat" ...of which there are powered variations too, but the Arrowplane is way cooler! Makes me wonder if there are public-domain airframe blueprints out there--did Waterman release the blueprints to the public at some point in time, or has his copyright expired? ...his plane is in the Smithsonian and he showed a version to the "Bureau of Air Commerce"--blueprints in public records?
...I want one too, but the only way to get one may be to make your own!
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Waterman liked puns, he variously called his creations Aerobile, Arrowbile, and Arrowplane.
Someone else wants one too! Their post is here: http://www.crowndot.com/arrowbile-test-flight