The Arena Champion is an ok upgrade, as it gives them a boost in leadership. Reavers that fail morale are falling back 3D6, and considering they can be taken in small numbers, morale checks can be common once they get shot at. Go for it if you have the points spare I'd say. It's useful, but not essential.
Heat Lances or Blasters are a must in my eyes. To have that much manoeuvrability on an awesome weapon is brilliant, and it makes them an extremely diverse unit. Bladevanes for anti infantry, then special weapons for anti tank, and a terminator or 2!
Haven't used the Cluster Caltrops and Grav Talon. The General consensus seems to be that they aren't worth it. 20 points for the Caltrops is nearly another Reaver... But others may disagree...