I'm fully buying into the Luck hype. The guy is pretty much flawless as far as I can tell. He looks like prime era Peyton Manning playing with college kids. As far as the arm strength goes, against USC he threw a deep ball effortlessly (looked like he just flicked his wrist) and like most of his throws it was right on the money.
Luck can throw the ball 70 yards in the air. He throws the ball like Brett Favre in his prime. His throws are almost too hard for short to intermediate routes.