Oh thanks for making this thread! :)
I am currently working on exploring all viable Arceus sets.
Here's a few that I've found have some potential to be a real pest to the opponent. 
Defensive Calm Mind-
Water
Set #1 
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Arceus @ Splash Plate
Ability:  Multitype  
EVs: 252 HP / 252 Def / 4 SDef
Bold Nature (+Def, -Atk)
~Calm Mind
~Judgment / Brine  
~Recover
~Will-O-Wisp / Reflect 
The Idea of this set is Suicune on steroids. Arceus is one of the few  water types that can beat Ferrothorn easily. A Power Whip from a burned  Ferrothorn does around 25% so you can easily set up, and eventually beat  if it doesn't crit you. This set has some problems with Thunder users,  but a lot of the time Arceus so bulky that it it prevails. 
The Grass Wall
Set #2
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Arceus @ Meadow Plate
 Ability:  Multitype  
 EVs: 252 HP / 160 Def / 96 SDef
Careful Nature (+SDef, -SAtk)
~Cosmic Power
 ~Recover / Rest 
 ~Swords Dance
 ~Bullet Seed 
This Arceus set requires Rain support for it to be effective. Grass STAB  may be one of the worst offensive types in the game, however once get  Rain on the field there aren't a lot of pokemon that can stop it from  setting up. Groudon won't be switching in, so its likely that the  weather won't change. Ho-oh, Reshiram, and Rayquaza are some of the the  best counters. The latter is probably the most dangerous counter since  it can set up a SD or DD, and attempt to break through Arceus defenses. A  Special Attacking version with Calm Mind/Iron Defense/Rest or  Recover/Judgment or Giga Drain is also viable. Putting Sleep Talk over  Swords dance is also an option.  
Special Wall-Steel
Set #3
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Arceus @ Iron Plate
 Ability:  Multitype  
 EVs: 252 HP / 4 Def / 252 SDef or 252 HP / 144 SDef /
 112 Spe
Calm Nature (+SDef, -Atk) or Timid Nature (+Spe, -Atk)
~Judgment
 ~Recover  
 ~Light Screen
 ~Roar / Toxic
This set takes a role of a Special Wall. It is the best Dragon Switch in  the entire game. It takes Draco Meteors like nothing. It isnt  outclassed by Chansey/Blissey or Jirachi because because it deal a  decent amount of damage with Judgement, but its biggest advantage is  that it can phaze any boosts that the opponent has acquired. The speed  Evs on the second spread are too outspeed the base 110s, but you just  max it out if you wanted to at least speed tie with other Arceus.
Swords Dance with a Twist
Set #4
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 or 
Arceus @ Ring Tarket / Watmel Berry
 Ability:  Multitype  
 EVs:  132 HP / 252 Atk / 124 Spe or 80 HP / 252 Atk / 176 Spe
Adamant Nature (+Atk, -SAtk) 
or Jolly Nature (+Spe, -SAtk)
~Swords Dance
 ~ExtremeSpeed 
 ~Earthquake / Shadow Force
 ~Trick / Natural Gift
This set is a variant of the Standard SD Arceus set. If you choose  Earthquake over Shadow Force then you want Trick in the the last slot.  This set utilizes Trick+Iron Ball so it cripples many of it's counters  such as Skarmory, and Lugia. Iron Ball doesn't cripple Arceus that badly  since your main move is Extremespeed. Giratina-O  is immune to the  whole set , if you don't have a ghost move. The other variant utilizes  Watmel Berry+Natural Gift, in sunshine is very helpful. It is best to  choose Shadow Force if your using Natural gift.  To demonstrate its  power, a +2 Sun boosted Natural Gift, OHKOes Physical Defensive Skarmory  after Stealth Rock. I'd also like to mention that there are other  viable items on the Standard SD Arceus set such as Chople Berry, Lum  Berry, and Leftovers. Another notable option is Power Herb+Shadow Force,  which has a good chance of good chance of OHKOing the standard Lugia  without Stealth rock, and Bold Lugia with Stealth rock, but Muliscale is  a different story.
Sub Liechi/Salac
Set #5
@ 
 or 
Arceus @ Salac Berry / Leichi Berry (other options include Silk Scarf and Leftovers) 
 Ability: Multitype  
 EVs: 252 HP / 252 Atk / 4 SDef or 76 HP / 252 Atk / 180 Spe
Adamant Nature (+Atk, -SAtk) 
or Jolly Nature (+Spe, -SAtk)
~Swords Dance
 ~Substitute  
 ~Last Resort
 ~Earthquake / Brick Break / Shadow Force / Recover
haha, I really like this set. You switch in on something that can't do  much to you, you set up a Sub, and you can just wreck stuff up. many  phazers nowadays only carry Dragon Tail so many times they can't negate  you stat boosts. A +2 Last resort OHKOes most stuff that doesn't resist  it/immune to it, or is very bulky like Lugia or Physically defensive  Groudon. 
The Snowball Effect
Set #6
@ 
or 
Arceus @ Leftovers / Metronome  
 Ability: Multitype  
 EVs: 252 HP / 252 SAtk / 4 SDef or 252 HP / 160 Def / 96 SpD
Modest Nature (+SAtk, -Atk) or 
Calm Nature (+SDef, -Atk)
~Echoed Voice
 ~Cosmic Power / Calm Mind 
 ~Substitute 
 ~Recover 
May look Gimmicky, but once you get rid of Ghosts, you have a real  monster on your hands. The point of the set is to boost your defenses to  the point where you can start a Snowball effect with Echoed Voice, I  have swept quite a few times with set, it was hilarious. Most people  think they will have a easy time setting up on this set, but Echoed  Voice can become so powerful that it OHKOes everything except  Chansey/Blissey and very sturdy resists like Bulk Up Dialga.  If you are  choosing Calm Mind you could change the Ev spread to 
252 HP / 252 Def / 4 SDef with a Bold Nature, so it will be very difficult to take down, and will become a very dangerous after enough Echoed Voices.
Perishtrapper
Set #7
@ 
or 
 or 
Arceus @ Leftovers / Binding Band / Grip Claw  
 Ability:  Multitype  
 EVs: 252 HP / 160 Def / 96 SpD
 Calm Nature (+SDef, -Atk)
~Whirlpool
 ~Recover
 ~Substitute / Refresh
 ~Perish Song / Toxic 
Say hello to the best perish trapper in the game. It can eliminate many  of the counters of most other Arceus such as Lugia, Girtatina, and  Chansey/Blissey. Whirlpool got buffed this Generation and now last 4-5  turns, and has 85% accuracy. Substitute can block you from status and  from many phazing attempts. There are very few Pokemon that can break  through its defenses, and KO Arceus before the they get Koed themselves.  
PseudoQuaza
Set #8
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Arceus @ Draco Plate  
 Ability: Multitype  
 EVs: 132 Atk / 252 SAtk / 124 Spe or 24 HP / 252 SAtk / 232 Spe
Mild Nature (+SAtk, -Def) / Rash Nature (+SAtk, -SDef) or Modest Nature (+SAtk, -Atk)
~Draco Meteor
 ~Fire Blast
 ~Recover
 ~Outrage / Spacial Rend
Look familiar? This Arceus is meant to function like a mixed  Rayquaza, however, its significantly less powerful, but its still packs a  punch.  Arceus does have many perks over Rayquaza though, such as  instant recovery, not Stealth Rock, has a Thunder resistance, no X4  weakness. I find that Arceus actually causes more damage than Rayquaza  over the whole battle since it can easily come in again and again and  Spam Draco meteor. The other option for this set it to focus on being  completely Specially oriented and then Arceus can function like a  slightly faster Palkia, that has recover.
Mixed Roceus
Set #9
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Arceus @ Stone Plate  
 Ability: Multitype  
 EVs: 80 Atk / 252 SAtk/ 
176 Spe
Hasty    Nature (+Spe, -Def) / Naive Nature (+Spe, -SDef)
~Work Up
 ~Stone Edge
 ~Fire Blast / Earthquake
 ~Grass Knot
Woah, this thing is monstrous. It After a boost, Rock Arceus poses a  massive threat. Stone Edge OHKOes Lugia with Stealth Rock, and Grass  Knot rape Kyogre and Groudon (a +1 Grass knot has a decent chance to  OHKO offensive Kyogre with Stealth Rock) Fire Blast lets it OHKO most  Steel types in Neutral weather
, except a few such as Dialga. It  outspeeds nearly everything Non-scarfed pokes except a few such as  Mewtwo, Darkrai, and Deoxys. You could also shift more Evs from SpA to  Atk, iN order to address specific Pokemon.
Telekinesis 
Set #10
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Arceus @ Fighting Plate  
 Ability: Multitype  
 EVs: 24 HP / 252 SAtk / 
232 Spe
    Modest Nature (+SAtk, -Atk) 
~Telekinesis 
 ~Focus Blast
 ~Blizzard
 ~Recover / Thunder
I am the only user that I've seen try out telekinesis, but Arceus  can abuse it fairly well since it has quite a few low accuracy moves.  Telekinesis is equivalent to a 3 turn Mind reader, so that all of your  moves will always hit, except OHKO moves. With this you can abuse low  accuracy moves such as Zap Cannon, Dynamic Punch, Inferno and Dragon  Rush. This Arceus is meant to set up Telekinesis, and cause massive  damage with Focus Blast and Blizzard. The last slot should go with  Recover since it lets maintain its great bulk.   
Offensive Trick Room
Set #11
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Arceus @ Life Orb
 Ability: Multitype  
 EVs: 252 HP / 252 Atk /
 4 SDef
  IVs: 0 Spe   
Brave      Nature (+Atk, -Spe)
~Trick Room
 ~Return
 ~Earthquake / Brick Break
 ~Dragon Claw / Recover / Swords Dance
  
Even though, it has it one of the fastest pokemon in existence,   Arceus had perform decently with Trick room. If Arceus had like 5 less   base speed, it could do perform much better since it would outspeed the   neutral no investment base 90s. With a Brave nature and 0 Speed ivs,   Arceus sits with 220 speed. Return is pretty powerful, as it will OHKO   Darkrai, Shaymin-S, Latios, and Blaziken with Stealth Rock and 2ko most   other pokemon that doesn't resist It. Earthquake provides pretty good   coverage with Return, but it does miss out on Giratina-O, who you can't   touch at all if you don't have Dragon Claw. Dragon Claw ensures that  you  will 2ko Giratina-O, OHKO Rayquaza after Stealth Rock nearly all  the  time, and has a chance at OHKOing Hasty Palkia after Stealth rock.   Arceus could a Iron Ball, to even outrun the base 40s in Trickroom, it   inferior though because it loses out on so many Koes, a better option  is  lowering Arceus down to Level 97, so it will get down to 213 speed,  and  it will outspeed the Base 90s in trick room. A Special variant is  also a option, but it generally doesn't do as well and is pretty much   outclassed by Dialga and Palkia. 
Infinite Staller
Set #12
 @ 
or 
Arceus @ Red Card / Leppa Berry
 Ability: Multitype  
 EVs: 252 HP / 196 Def / 60 SDef or 
252 HP / 252 Def / 4 SDef
      Calm Nature (+SDef, -Atk) or Bold Nature (+Def, -Atk)
~Recycle 
 ~Cosmic Power / Calm Mind
 ~Recover / Rest
 ~Judgment
This can extremely irritating for the opponent if they don't have a   Toxic or a phazing move, even if they do have toxic you could opt for   rest. The object of this set is that you have lots of Entry hazards on   the field, and then you can bring it, and starting Boosting up, and then   when they try to attack you they get phazed out. You can then use   Recycle to get it back again and sometimes you don't even need to attack   with the Cosmic Power version since Spikes, and Stealth Rock have   already done massive damage to the whole team. Calm mind is also a   option, and makes Arceus much more dangerous, and can make Arceus a   offensive Threat. With a Leppa berry, Arceus can PP stall infinitely or   until your opponent gets a lucky crit. There have been times where I   have outstalled a entire team and they all struggled to death.
Choice Scarf 
Set #13
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  Arceus @ Choice Scarf
 Ability: Multitype  
 EVs: 252 HP / 252 Atk /4 SDef 
       Adamant Nature (+Atk, -SAtk)
~Punishment 
 ~Outrage 
 ~Stone Edge
 ~Trick  
A pretty fairly underrated set, but its the best Arceus can do with a   Choice Scarf. The main advantages it has over the other scarfers, is   Punishment, Trick and greater bulk. Punishment lets Arcues get the upper   hand on your opponent's boosting pokemon such as Calm mind Mewtwo,   Ghost Arceus and Giratina-o. Outrage is mainly for Palkia, Garchomp,   Reshiram and Latios, most of whom are OHKOed with Stealth rock. Stone   Edge lets it get the jump on Lugia, Shaymin-S and Ho-oh. Trick can   cripple many of its normal switch ins like Skarmory, Lugia, and the   normal version of Giratina. There are no normal moves on this set   because Choice band Arceus is better at that. 
Choice Specs
Set #14
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Arceus @ Choice Specs
 Ability: Multitype  
 EVs: 24 HP / 252 SAtk / 232 Spe  or 
80 HP / 252 SAtk / 176 Spe
        Modest Nature (+SAtk, -Atk) or Timid Nature (+Spe, -Atk)
~Judgment 
 ~Thunder
 ~Dark Pulse / Ice Beam
 ~Trick / Focus Blast / Overheat
  
Again, I am the only person that I am aware that has used this set.   Judgment is pretty powerful, OHKOing many of the frailer pokemon, and   2koing most pokemon that doesn't resist, even 252 HP Kyogre is a   guaranteed 2ko with Stealth rock. Thunder Takes care of Skarmory, Lugia,   and the other flying types, while Draco Metoer, eliminates OHKOes all   Dragon types, except Giratina, Dialga, and Soul Dew Latias. The last   slot can be used for trick, so that you can cripple which ever wall   comes in to sponge your attacks. Focus Blast can be used for Dialga.  
Recover+3 attacks
Set #15
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 Arceus @ Life Orb
 Ability: Multitype  
 EVs: 24 HP / 252 SpA / 232 Spe 
         Modest Nature (+SAtk, -Atk)
~Judgment 
 ~Focus Blast 
 ~Spacial Rend / Dark Pulse / Calm Mind
 ~Recover
This set is surprisingly effective. It isn't necessarily outclassed by a   different Arceus form, because of Life Orb. Even, with barely an   investment, Arceus is really bulky, and the lack of common weaknesses   really help it significantly. Judgment is the powerful STAB, that does   massive damage with if you choose to use Calm mind. Just be sure to   eliminate all ghost types, since they will wall it without Spacial rend    or Dark pulse. Focus Blast lets it nail almost everything that resists   Judgment for horrendous damage. Spacial Rend is for the Dragon types,   most notably Giratina-O. Dark Pulse is also a option and it lets do a   lot of damage to the Ghost, and Psychic pokemon that are common in   Ubers.  
Annoyer
Set #16
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or 
 Arceus @ Leftovers or Razor Fang
  Ability: Multitype  
 EVs: 252 HP / 252 Atk / 4 SDef or 
252 HP / 252 Def / 4 SDef
           Nature: Adamant / Impish
 ~Thunder Wave 
 ~Rock Climb
 ~Substitute / Waterfall / Iron Head 
 ~Recover / Swagger
This set allows Arceus to try prevent the opponenet from attacking.   Thunder Wave will allow Arceus to spread status around, and it has a  handy 25% chance of being fully paralyzed. Rock Climb is the STAB move,  and its more powerful than Extremespeed, the real reason, why Rock climb  is over because 20% it confuses the opponent. For the 3rd slot, you can  choose Substitute to being even more annoying or choose Iron Head and  try to flinch your opponent. Recover makes it way more difficult to  kill, and keep coming in again and again to weaken your opponent's team.  Swagger is also an option, and if you choose the defensive spread, even  when the opponent is at +2, unless its SE, it probably won't OHKO.  Providing Waterfall does in fact       flinch in 5th gen games,then it  is also a good option on the 3rd slot.
Resttalk 
Set #17
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 Arceus @ Leftovers
 Ability: Multitype  
 EVs: 252 HP / 252 Def / 4 SDef or 
252 HP / 96 Def /160 SDef
           Nature: Impish / Bold
 ~Rest
 ~Sleep Talk
 ~Roar / Swords Dance / Calm Mind
~Return / Judgment
This plays identically to Resttalk Gyarados, but with much greater  overall bulk. You switch it in something that can't do much to you or on  a Physical attacker and then just start attacking, or roar it away its  boosts. For the 3rd slot, roar is the best option, for SD and CM, can  make Arceus very difficult to stop if it has enough boosts. Return or  Judgment is the preferred STAB Move, since they provide consistent  damage on Non-ghosts.     
Dual Screens
Set #18
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 Arceus @ Light Clay
 Ability: Multitype  
 EVs: 252 HP / 160 Def / 96 SpD
         Careful Nature (+SDef, -SAtk)
~Reflect
 ~Light Screen
 ~Recover
~Return
This Dual screener is better suited for aiding bulkier attackers set  up such as SD Groudon, CM Giratina-o, Kyogre, and CS Zekrom. This set  has allowed me to set up screens again and again, with relative ease,  except against the most powerful attacks such as a Specs Kyogre, Specs  Reshiram, and Specs Palkia. The main reason to use this over other dual  screeners, is that it has recover, has only one weakness, and is  extremely bulky even outside screens. Cresselia gives this set the most  competition, but Arceus still has some advantages. Stealth Rock could go  in the last slot, but it would make you very susceptible to Taunt.  
Mixed LO Attacker
Set #19
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 Arceus @ Life Orb
 Ability: Multitype  
 EVs: 252 Atk / 88 SpA / 168 Spe
           Nature: Naughty / Lonely
~ExtremeSpeed / Return 
~Earthquake
 ~Fire Blast / Ice Beam / Focus Blast
~Grass Knot / Thunder
An all-out attacker set, that wrecks a lot of pokemon in Ubers. The  only pokemon safe are Giratina, Giratina-O and Lugia. Nearly all other  Pokemon in Ubers, 2KOed. ES is a great move and it can act as a revenge  killer, or a late game sweeper. Earthquake is for most of the Steel  types around, such as Dialga, Heatran, Zekrom, and Rehshiram. For the  3rd slot, Fire Blast is for Skarmory/Bronzong, Ice beam for Giratina,  Focus Blast for Dialga, Normal Arceus, and Steel types with Air  Balloons. Grass knot can be used to do massive damage to Groudon, and  2ko all Kyogre, and Thunder can be used for Lugia, Manaphy and Ho-oh.  The speed Evs are to outspeed +Speed Rayquaza, but you could tweak it to  your team's needs.
ToxiStall
Set #20
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 Arceus @ Earth Plate
 Ability: Multitype  
 EVs: 252 HP / 144 Def / 112 Spe
          Jolly Nature (+Spe, -SAtk)
~Toxic
~Recover
~Earthquake
~Fire Blast / Refresh / Magic Coat
A Toxic Stall set, and Ground Arceus is a great pokemon to spread  Toxic around, since nearly every pokemon who is immune to Poison is hit  for super effective damage.  Recover lets it have a lot of longevity,  and it is able stall extremely well, but you need to be wary of status  If you don't have Refresh or Magic Coat. Earthquake is a great STAB move  and scores SE hits on many pokemon. Fire blast is usually the best move  for the last shot destroying fortress, Ferrothorn and 2koing most  Skarmory. Refresh and Magic Coat will let you avoid status. The Ev  spread is to outspeed Garchomp, so you can toxic it before it attacks.  Other options for the Evs is that could invest enough speed to beat the  base 110s (Lugia), and you could also shift some of those Defense Evs to  Attack, or Special Defense. 
I have also tested a few more sets such as 
Double Status, Bulky SD, Charge Beam, Normal Subtoxic, Sub+3 Attacks, Gravity, Chesto Rest,              SD Ice (Avalanche+Earthquake), Normal Attacking lead, Baton  Pass receiver, Lure, Tailwind, Thunderwave+SD, Mixed SD and 
Defensive Trick Room. Most of them worked out pretty well, but I don't want to make this post any longer than it is now. 
 
 
 This is just the beginning, I plan to experiment with Arceus extensively this Generation.  
