Yesterday the Supreme Court rejected the view that parties to an arbitration agreement, at least under the Federal Arbitration Act, can agree to expanded judicial review of the arbitrator’s award. See Hall Street Assoc., L.L.C. v. Mattel, Inc., No. 06-989 (U.S. Mar. 25, 2008) (hat tip: SCOTUSblog).
I’ve put a more detailed write-up at the 100 Feet Up wiki.