I do believe that according to the BMI standard, Arnold Schwartzenagger would be considered overweight if not obese. So you are right in that it doesn't take into consideration any kind of muscle mass versus body fat. When I realized my weight had gotten out of control I had a BMI of 34.2 at 165 pounds. When I started low carbing it was 31.2 and I am now at 26.4 at 135 pounds. I am still considered overweight by the BMI standards. However, I just got my bf% checked and it is 19.9% (Although I think that is low and I am actually around 24 or 25%).

That is why I look at several methods of health classification. I look at weight, BF%, hip to waist ratio and BMI-but my BMI goal is only 24-which is at the high end of normal because I know I am carrying more muscle mass than they take into consideration.

According to your starting stats, you had a BMI of 38.8. Look how much it has dropped losing those 37 pounds!