can we control such a display with an arduino board?Is it exactly the same board as above or different? In most cases you will be able to run these types of boards with an arduino but how to do so depends on the type of matrix display(and their driver chips). As above there is code on the freetronics support site that does work and from my understanding is fast at updating the screen. You will still have to design all the code to display what you want and how to make changes. The code they supply is just a framework to drive the displays and an example of what could be done with it, they rest you have to make.
If you want to follow this further you may want to open your own thread to discuss this more fully. Possibly with specific technical information on the device and what you are looking to accomplish.