Not much is said about the event, but thie Arceus is another one of those 'trade-to-HG/SS-pokemon' To unlock something. Apparently, a game retailer called GAME (im not familiar with it) in the UK is releasing the event on certian days, at certian stores each day. on the GAME site, there is a list for any interested in finding out when the event is. It will allow you to access the Sinjoh Ruins, which i guess can get you Palkia, Giratine, or Dialga. (in heartgold/soulsilver)
UPDATE: monkey has the info on the Arceus, check his post out.