I love this album. I was three years late to buying it, but I must say that this album is one of his best solo albums easily. I successfully got one of my friends to buy it as he was also impressed by it. Our favorite song was/is Dance Til We're High, a song with a phenomenal mood, set first by the drums, then by the catchy guitar work and then the soaring chorus. And the actual bells playing during the "Bells will ring out" line... beautiful.
I'd rate highly the first eight songs: it's so easy to listen to them back to back. Once it gets looser at the end, I'm not as big a fan, though I do really dig Universal Here/Everlasting Now. Sing the Changes is of course a great catchy song with a cosmic kind of atmosphere. Nothing Too Much is a roaring song and is a great, scathing attack at Heather Mills. The Sun Is Shining, to me, is a superior version of Good Day Sunshine. I love when his voice goes high near the end of the chorus and how each chorus ends with a very warm and relaxing "Na na na na na naaa, na naaa." Highway is a great rocker, Light from Your Lighthouse has a very cool mix of very low and very high singing from Paul, Two Magpies is just a fun little ditty, and Traveling Light has a very cool sound sound to it, especially after the vibrant Sing the Changes.
I consider Band on the Run and Chaos and Creation in the Backyard two of McCartney's best albums, and I'd rank Electric Arguments high up there with them. I would probably rank it a little lower because I feel the first two were totally consistent while Electric Arguments kind of loses its charm, for me, near the end, but it's a pretty great album nonetheless. Other albums I also rank pretty highly from Paul are Ram, Venus and Mars and Tug of War if that gives a good feel for my tastes.