Over current Protection
But all of the Radio Control hobby BL ESCs that I know of only operate in one direction.You can manually reverse the motor by swapping any 2 of the 3 wires to the motor.
The ESC takes PWM input as control signal so Arduino should be able to control it. (I used an FPGA for controlling it).
I used a Turnigy 60A ESCs for a QuadRotor UAV and it worked great and it can be reversed. Link: http://www.hobbyking.com/hobbyking/store/uh_viewItem.asp?idProduct=7188