I have always been taught that an arched back with the major three is proper form. When in competition, all contestants arch their back when benching as it will increase ability to lift heavier. Squats is a must, do to injury prevention. Deadlifts....not sure if I can do them without the arch.
If training for rep's or cutting, I have noticed a number of benchers lying with back flat, feet on bench. Not sure if they benefit from this.
Hope this helps!