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Arrange "by none" will keep the last arrangement settings until you change things around. So it will look the same if "by name" was the last selected.

"By none" lets you move icons to wherever you want, and they stay there. Move the icons around then select "by name" (alphabetical arrangement) again - you'll see the difference.
 
and neither let you double click in between columns anymore to auto size to fit the long names.
 
and neither let you double click in between columns anymore to auto size to fit the long names.

Quite an annoying bug. And a weirdly obvious one to not catch or care about in the release version?!
 
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