I mentioned this on the Arch forums and I thought I'd post a note here too ... the Lowarch home page, which was an effort to extend Arch Linux to include i586 machines, expired at the end of the year.
I still have a copy of the ISO; I posted it to a file hosting service, and I'm seeding it on a high-speed line (8Mbps up, although I cap torrent traffic at 240Kbps ;) ).
There are a few people who are interested in i586 rebuilds as a central repository; if you are one of them, you might post a note here. Short of something like Crux or Gentoo, Arch is the best possible answer for old or outdated hardware. A proper repo for i586 would be a godsend. ;)
Cheers!