I vote yes. However, I insist that if the skylands are re-introduced they must allow players to abuse the safe zone. What i mean by that is that there must be a line between the safe area and the pvp area that anyone can jump back and forth at any given time. Without this the I believe the skylands will not be used. Most players don't want to play in arena where they have to /spawn pvp or step on a pressure plate to be teleported in the fight. For players who don't have top notch armor I would consider doing so a death sentence. If they are allowed to abuse they have the chance to beat a better equipped player by teaming up or running in a dealing the final blow or even standing back and disrupting someone elses fight. Thats where the fun comes from. Without this players are unlikely to enter the arena. I believe the lack of use of our current arena and the downfall of the skylands were caused by the inability to abuse the safe area. When the glass safe area which you could not return into was added to the skylands I saw a drop in pvp and with the current arena you cannot even watch to see who you are fighting or watch other fights without entering the arena yourself.
Although I would like to see the skylands reinstated, I do not think it will cause players to join and stay right after its reinstatement. It will take time to re-establish a active player base of people who want to pvp. I think along with the skylands being added again the server in general needs some updating and maintenance to make players stay when they join and keep them around.
Here is a image of what I consider to be one of the top pvp arenas ive seen. Notice the small easily abused safe area which keeps the fight close to spawn.