Pike doesn't have an NFL arm. Everything else about him is good though. He's also a spread qb. Probably nothing more than a career backup in the NFL.
Pike's arm is more than NFL sufficient -- I'd compare his arm favorably to someone like Tom Brady or Eli Manning. He'll never be confused with having a rifle, but he can insert the ball into space quickly from 10-15 yards and he can throw a deep ball well enough.
I like Tony Pike a lot. He's a heady kid who is somethnig of a late-bloomer, so I think there's quite a bit of untapped potential left within him. He's also still in the process of filling out -- as he adds a bit more muscle to his frame (6'6" tall), he'll be a real load to bring down in the backfield.