(I'd also add in Elliott's denotational design aspects, but those sort of become dicier with respect to arrowized FRP.)
Reactive Programming is a more general term and is often applied to any kind of synchronous (and sometimes even asynchronous) stream processing. I think it's utter buzz and appreciate Eric Meijer's talk[0] about what "reactive" tends to mean (push and pull streams, fine tuned effect handling).
Now, if you're doing regular old stream processing then you can hook up whatever kind of event handlers you like, push and pull. Transducers form a framework for achieving some of these kinds of transformations as they encode one-to-many transforms (with ambient local state as available in Clojure and all the early termination business, but basically just a -> [b]). In some sense they're nearly "arrowized" as you're focusing on the transformation of "reactive" quantities, but they're certainly discretized and tied to sampling rates in their formulation.
[0] http://channel9.msdn.com/Events/Lang-NEXT/Lang-NEXT-2014/Key...