Until this past week, I had actually forgotten about Nutt's "Horns down" antics.
As a Longhorn fan and season-ticket holder, what I remember most about the last meeting between these two schools is that it was the third loss in row (lost to A&M after their bonfire accident, and to Nebraska in the Big12 title game -- after beating them the previous three meetings, including earlier that season), bringing a painful end to what had been a very nice season. I also recall being very disappointed in some key Texas players who were suspended the week before the game. They let down the team and the school big time.
As a fan, I think it is great to have the renewal of this rivalry, but from what I've read, an ongoing home-and-home series with Arkansas is unlikely (assuming they don't join the Big12):
When Brown first proposed adding Arkansas to the schedule, he called Royal, who thought Brown had lost his mind. Royal was concerned that giving Arkansas any possible entry into Texas for recruiting purposes was a bad idea.