Its funny, today I discussed this with a few work collegues of mine. Acknoweldging fully that this version of Total Recall is based closer to the novel 'We Can Remember it for you Wholesale' (seriously, try and compress that) we actually decided that one reason we were not looking forward to it was that Colin Farrel lacks 'presence' compared to Arnie.
But Colin Farrel is a better actor I hear you say, well, you're probably right. But I have noticed today that fewer and fewer actors are able to command the attention of the camera in the way Arnold could in an action flick: he steps into frame and you feel drawn to look at him. The same way Sharon Stone once strode into frame and BOOM, suddenly the screen was oozing sex appeal.
There are some actors still capable of it; Sean Bean is always a commanding figure on set (see: Game of Thrones), and so is Liam Neeson and probably dozens of other's I either forgot or may not even know of but I feel its a dwindling talent.