Although arranged marriages may occasionally end up being a good experience for a couple, it is preferable to marry for love. Without love, life is boring, if not unbearable. The desire for love is a natural one, so going against human nature is not a good idea. Sooner or later, a marriage without love is bound to fail because it cannot satisfy this innate desire.
Marrying for love isn't what it used to be. American divorce rates are high, and love and desire are in danger of fizzling long before death parts you. It makes much more sense to choose a life partner based on mutual interests and expectations rather than on lust and attraction.
Marrying for love, particularly when it is the only reason for marriage, is not always wise. Particularly when the feeling of newness wears off, couples can be left without a foundation on which to build anything else. Arranged marriages, while based on love, begin with a partnership and a clear goal that both partners understand. While this concept is foreign to many westerners, it is not without its merits.
While I have nothing against marrying for love (and in fact married for love myself), arranged marriages worked for centuries in all sorts of cultures. In a very static culture, where people don't move around much and families know each other well, there's no reason why arranged marriages couldn't continue to work today. Given the divorce rate among couples marrying for love, I'd say either kind of marriage can work equally well.