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I haven't seen it but did read over at the WORL boards that the ad is an edited/re-done version of an add that the NFL had Arnie do for Monday Night Football last season.
Below's what fortae wrote when another poster asked: Was that really made by him, or not??:
To answer your question yes but it was made for ABC sports in the U.S. which is why it ends awkwardly with 'Are you ready for some football?' - the tagline for Monday Night Football. All they did was supplant the footage of NFL players with SOO players and get Schwarzenegger to do some voice-over work.