MarkT:
Pins 1A and 2A are completely equivalent, this is an AC device, its doesn't matter which way they
are connected.
Hi Mark, thanks for all the info. I know it generally doesn't matter to much however I don't think that's entirely true either as most plugs now have one spade slightly wider so they can only be plugged in one direction but for the CT everything I've read says it must be installed in the correct direction. I'm sure you know much more than me but I have to question you on this one. 
MarkT:
From the Arduino's point of view you just have an AC voltage source that you refer to a mid-rail
reference voltage from the divider. Thus the voltage to the Arduino analog pin is centred around
2.5V allowing the whole AC waveform to be samplde.
One big surprise to me is AC voltage can be connected directly to an Arduino pin if it stays under the 5v or on some boards 3.3v.
MarkT:
R1? There is no R1 in that diagram.
Ooops, sorry, I updated the schematic.
MarkT:
Note that the datasheet for that transformer has incorrect calculation for the sensitivity, as
60 ohms / 500 = 0.12 ohms, giving 120mV/A, not 110mV/A - makes me wonder what else is wrong in the data.
If that's the formula then yeah definite problem there, good eye.
MarkT:
The output voltage form a CT is input current / turns ratio x burden resistor. Thus
I / 500 * 33 = I * 0.066.
Or put another way its like a 66 milliohm shunt (but isolated and AC only).
You need to ensure the peak-to-peak voltage is <= 5V so that it can be read by the 5V Ardiuno's ADC.
With that 33 ohm burden resistor and 500:1 ratio that means the max peak-to-peak input current is limited
to 75A, which is 26A rms.
Ok I think I understand most of this.
I / 500 * 33=I * 0.066
30a / 500 * 33 = 1.98v output
So if a max of 30amps was put through the CT the output would only be 1.98v max using a 33R burden resistor?
I see 75a / 500 * 33 = 4.95v the limit for the Arduino but 75amps would never be achieved.
I will never be putting 30amps through the CT, I'm limiting the circuit to only 5 amps so lets use 10amps as a max ceiling with a 100R burden resistor.
10a / 500 * 100R = 2v output.
Doing it that way the max peak-to-peak input current is limited to 25A which is 8.8A rms?
Maybe I'm wrong but I also see this giving better accuracy on the low current going through the CT?