I found that mine was "syncing" all yesterday, for like 6 hours, yet it never synced.
I powered off and then back on, and it was immediately synced and the arrows went away. I think there is a problem with syncing at this point, you might want to try a shut down/restart.
I've been experiencing many-hour syncing sessions as well, and I have very few contacts and emails. Not syncing calendar entries.
I wish the notification area at the top could explain what it =is= syncing, so that I don't accidentally power off the phone while there's a firmware update coming in OTA, for example.
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