They are right now but this isn't always the case. For example you can see just from that page that in the past 24h, Kraken reached a low of 1025 while Bitstamp only reached a low of 1118, a difference of 9%. If at that low, you'd bought BTC on Kraken and sold BTC on Bitstamp, you would have made that 9% difference.
This is the point of the strategy. Whenever they diverge for whatever reason, assume it's temporary and that they'll reconverge. Make money converging them.
Kraken has a horrible trading engine, I've seen a lot of examples of delayed executions (in the class of minutes), so the peanuts of earnings can be lost very easily on the immature trading engines of these exchanges.
Right. Arbitrage on small differences works only if you can get quick execution, before the difference disappears. If the site gives favorable execution to some customers, as Mt. Gox did, it's hopeless.
The direction doesn't actually matter since you're trading both sides. An example:
Exchange 1: 1000
Exchange 2: 900
You sell 1 of exchange 1 and buy 1 of exchange 2.
Scenario 1: Exchange 2 rises to meet exchange 1, exchange 1 stays stable. You make $100 as you bought exchange 2 at 900 and its price is now 1000. You lose nothing on exchange 1 since the price hasn't changed.
Scenario 2: Exchange 1 falls to meet exchange 2, exchange 2 stays stable. You make $100 as you sold exchange 1 at 1000 and its price is now 900. You lose nothing on exchange 2 since the price hasn't changed.
Scenario 3: Exchange 1 rises to 1100 and exchange 2 rises to meet it. You make $200 as you bought exchange 2 at 900 and its price is now 1100. You lose $100 as you sold exchange 1 at 1000 and its price is now 1100. The ultimate profit is $100.
The different exchanges are selling the exact same instrument. It's like having bank A offering $1.10 CAD for your USD, and bank B offering $1.20 CAD. If the spread is unusually large (eg, 9%) due to transient factors, they will definitely converge again in the future. There might be other risks involved, like counterparty risk, or fraud risk. But with a spread that large for an instrument as liquid as Bitcoin, there is no market risk.
This is the point of the strategy. Whenever they diverge for whatever reason, assume it's temporary and that they'll reconverge. Make money converging them.