5/(150 +

= 31mA
5/108 = 46mA, will blow the output pin eventually.
In the steady state with a tone playing, the capacitor will be charged to 2.5V if the pin is driven with a square wave, so the current will be half that worst case value. Also, if you load an Arduino pin with 108 ohms, you won't get 5V out of it, more like 4V because of voltage drop in the pin driver. That's why I think 100 ohms is ok, although I wouldn't want to go any lower, and in a commercial design I probably wouldn't go quite that low.