When I first read this, I have to say I found it quite gripping, and was continually shocked that such a gritty shojo plot ran in, of all things, Nakayoshi (targeted to elementary school kids). In a lot of ways it seemed like the shojo Mirai Nikki, although it's not nearly as graphic.
But in the end, perhaps because it IS a Nakayoshi title, the story never fully embraces it's dark potential and goes the redemption route instead…. It's worth reading the once if you like shojo horror/psychological stories that aren't gory, but you may be disappointed by
the character's quick forgiveness of each other and finding out that past incidents were highly exaggerated, such as various characters implied to have been murdered were simply living elsewhere in fear...
I usually enjoy reading a series again a few years later to revisit the characters, but reading Arisa a second time didn't do much for me. I guess when you already know what's going to happen in a thriller, it loses it's, well, thrills…
But I respect the fact that the main character, Tsubasa, was not given a love interest. In a lot of ways, she's just "too cool" for it.