Arts is fantastic. So much freedom to study what you love, and the workload is more than manageable (quite minimal, really, if you keep on top of it) so there's plenty of time to explore academic/personal interest/'professional' stuff outside of university. I honestly spend about twice the time on extra-curricular pursuits than my course so it doesn't really feel like full-time study, but you're still getting a professional education and setting yourself up with some pretty invaluable skills. It's three years to find yourself as well, which is crucial if like me there are more 'career' pathways you want to go down than anyone can fathom and you'd dare to admit.
Arts isn't for everyone but I know people with ATARs from 99.95 to 80 studying it and the common theme between them is passion and interest in the subject potential, whatever that means to them (: So for me it's being able to continue on my lit/creative writing stuff as well as dabble in economics and politics and music and philosophy and what not in an academic and quite fulfilling environment.
Also keep in mind that everything that's said about Arts degrees not being able to get you a job is absolute total garbage, no matter who's saying it. The median wage for first year UoM Arts grads is $50k and there are jobs which do pay considerably higher, depending on your major. With post-graduate study of whatever nature this figure increases without any ceiling, really. That being said I do think you have to have that inspiration and empowerment to be studying Arts for other reasons, such as a desire to be learning to think critically and analytically and develop your writing and communication skills and learning about the world in a historical and social context and what not. Arts is really about complementing the type of learner that you already are.
I quite like the idea of a gap year but figured I'd put my academic passions to use coming straight out of high school. So personally it's something on the cards between my undergrad degree and any personal post-graduate study. And I'll be better placed to use my gap year at that stage, too.
/rant