As a fan of the Formula IVs and owner of a couple, I disagree with some of what has been posted. The original JH version of the Formula IV was designed for high compliance cartridges, but all the Maywares had variable mass - the tracking force was set by moving a mass up the arm, which automatically increased arm mass as the tracking force increased (and made it easy to increase effective mass more, if desired). The first Maywares were not exactly substantially built, but the later models had thicker arm tubes and heavier cast headshells, and were sold by Mayware matched with their fine medium compliance moving coils. So the Mark III the OP mentioned would be a fine match for most cartridges.
I have also owned multiple XAs, and agree that the arm is surprisingly good, given its simplicity, or even on an absolute basis. I don't think that replacing it with most arms makes much sense since the dramatically different mass of the new arm will alter the dynamics of the suspension significantly, and that change may be more consequential than the improvement in the arm. Having said that, the AR arm has limited antiskating, provided by twisting the wires, the headshells are easily damaged and not cheaply replaced, and setting tracking force and aligning the cartridge is not exactly ergonomic. And there is no doubt many will disparage the tonearm wires, but I don't see any real reason to think replacement is necessary unless there is a specific problem.
Marc Morin (and any others) make it possible to upgrade AR arms by providing sapphire bearings, which I don't doubt are a real step up from the nylon originals, but the nylon provided some damping, which is part of why the arm sounded good. The Mayware, like most unipivots, allows for variable damping, and that is one of the reasons that people like it.
Any replacement arm requires drilling out the top plate and chassis, so there is a danger of screwing things up, and not everyone wants to tune suspensions, so I generally don't think that changing the arm is a good idea. But if antiskating and damping matter to you (and I think they should) maybe the Mayware is worth the hassle.