ESPN has the complete text of the arbitrator's ruling:
http://sports.espn.go.com/nfl/news/story?id=2234819
It's a long, but very interesting and detailed read. The arbitrator had to answer two questions -- was the four-game without-pay suspension warranted and should the Eagles be allowed to deactivate (with pay) Owens after the suspension. I think the evidence overwhelmingly supports Bloch's decision.