As ye olde former Arbitration Committee member, I think
1) VeryVerily is something of a dick (or, more specifically, he's rather incapable of ignoring antagonistic behavior, and quick to get antagonized). 2) The Arbitration Committee is being way too punitive and antagonistic. 3) After staying away for a year, he shouldn't have any restrictions on his edit behavior outside of those on the general community.
In other words, we should assume good faith and not engage in probation.
Obviously, lots of people are going to be watching him as if he were wearing the scarlet letter no matter what, and they'll probably find something to jump on eventually, since we all make mistakes/do things that upset another editor (e.g. Raul reverting a perfectly normal edit because it came from a friend of a troller, or any of my various bothersome edits) and then give VV enough rope to hang himself in a contentious arbitration hearing.
But it's just wrong for the ArbCom now to single him out.
My $.02.