Since its my quote...

For me, cutting arm hairs is a step on the way to shaving sharp.

It means that the razor is sharp all along its edge and could possibly give a passable shave. All that's needed is some fine tuning on a finishing hone/pasted paddle to bring it to shaving sharp. However, depeding on skill and the particular razor, that could mean anything from 10 minutes to and hour of work.

I agree with everyone else who's posted that this is highly subjective stuff - as is the term "shave-ready". That's why whenever I sell a razor as "shave-ready" I make sure to tell people that I do not consider myself a honemeister, and that I've sharpened the razor to the best of my ability and to the point where I am comfortable with the way the razor shaves me.

Hope this helps.