IMO, you want the least amount of ARB that you can get away with. At tighter tracks, you should go with low ARB so the suspension can navigate the corners with ease, but not too low to make the car feel lethargic. Or, if you want, you can just get rid of the ARB all together (if you can), and just raise the spring rate to achieve the same goal, but you might need a lot of spring to achieve that. On faster tracks with long, sweeping corners, it might be wise to raise the ARB a bit to keep the car stable and fairly responsive through the high speed turns. Don't go too high because then you'll loose a ton of grip (in general, more ARB=less grip). You want just enough to keep the car comfortable.

So your suggesting that I want a soft suspension through the anti-roll bar in general? Upping the ARB makes the car more stiff (and gives less grip), but gives better responsiveness right? I know thats the case with the rest of the suspension, but does that apply to ARB as well?

Yes, a stiffer ARB will give you more response, but takes away grip on that particular end of the car. Basically, it can give you initial bite compared to a soft ARB. If you raise the ARB on the front end of the car, you can feel it grab the track instantly but after that, you'll notice the front end losing grip because the tires can only take so much lateral load. Likewise on the rear of the car, raise the ARB and you'll notice the rear end biting the track quickly but will soon lose grip for the same reasons, giving you oversteer.

I think for most people, a medium-soft ARB is probably the best way to go, IMO. You want it soft enough for grip and forgiveness but maybe want it a little stiffer than a completely limp bar so you can have stability and responsiveness. It really depends on the car, though.

Is it safe to take the same approach for the three different types of cars we all drive?
I.E. front engine / rear wheel drive, mid engine / rear wheel drive, rear engine / rear wheel drive.

I'll preface this with the fact that I'm no expert. Bear with me, the ARB info is coming. My understanding is that you want to set up your suspension based on the bumpiness of the track. Your spring rates and damping need to be set so that you maintain control and grip. Once you have that dialed in, start adjusing your ARB. The ARB is what keeps the body from rolling right or left, which can affect how much tire is on the ground. If the tire has 2 degrees of camber with the ARB set on 3 (arbitrary number here), in a turn the car will roll so that the tire contact patch is square on the ground. Set the ARB to 5 (stiffer) and the car only rolls enough to let the tire is still tilted 1 degree. Set it to 1 and the car rolls so that the tire has -1 degree of camber and loses grip. (Hope all that made sense). Softer = more grip. Soft front helps reduce understeer and soft rear reduces oversteer. Hope that helps!

re Mark's question, I've never played with anything but mid engined/rear-wheel so can't comment, but for open wheelers I set a stiffer ARB than for other cars (still not much however). Their third springs can take the brunt of longitudinal forces (acceleration, braking) allowing ride height to be controlled. Then the other springs can be set real soft for maximum (mechanical) cornering grip and the ARB stiffer to control the increased body-roll.

Just a follow up. I was practicing last for the WTC Puebla race in a Chevrolet Lacetti and experiencing some understeer. I reduced my front ARB stiffness by 1 notch and gained a half second on my lap times. I was already experiencing some lift throttle oversteer, so I didn't stiffen my rear ARB. Probably need to soften it a little as well. When you make changes, try to only change one thing at a time, the go out and take some laps. If you change 3 things at once, then you're never sure exactly which one made the most difference. Good luck!