Ok !! I am going to go against the grain here! this is what i did and how much it cost.
You need to know your ground well for starters.
i am lucky to have very good draining soil and my land stands higher than anyone elses in the village. We do have pretty flat ground here.
I had a very little bit of levelling done, to even the gound out, scrape off the grass, and to create a banking around the arena. I then put woodchip down to a depth of 10 inches. NO membrane. No drainage pipes etc.
It cost £2500 - all in, including the planning permission!! that was four years ago. Its still as good as when i had it laid...in fact better cos it has bedded in. The only thing i have done is rake it to keep the level, spray it occasionally to get rid of weeds that do grow through. Oh, and this year i put some fencing with kickboards at the easterly end, nearest the grazing fields, cos the high winds in May blew a lot of the surface off the arena onto the other fields. (that would have happened with any surface though)
As far as i am concerned. This has been amazing value for money, i may have to get it topped up in a few years time. i wont have to worry about the huge cost of removing it if i was to give up riding (as you would with other surfaces) the planners were happy about this enviromental spect too. If i was to leave it it would eventually rot down and return to grazing over a few years. In fact that slight rotting keeps the surface warmer in winter so it is still ridable when everyone elses surfaces are frozen solid. Win, win, as far as i am concerned.
Just another opinion, mind! Oh the woodchip is specially graded for riding arenas, gives a lovely spring for the horses, and doesnt need a sttling in period.
Emma T