Arpeggios are nice and you will do well to have it as part of your arsenal. Essentially, it requires the playing of each note on a per string basis, based on chord fingerings - as a generl guideline. Of course you could do two notes per string or on certain strings.
So, what you do is pose a chord with your left hand and then hit each string, one at a time. For lead playing, your fingering obviously has to be different as, you won't be able to do barre chords while playing arpeggios, well, at least I can't.
It does have that classical/neo-classical feel to it. But depending on how fast and strong you hit the strings with accentuation with the left and right fingers, you can get a very jazzy/fusion feel as well.
Cheers and Have Fun!
RoRK