Yep! it's possible to run OpenMediaVault on your GoFlex Home (probably GoFlex Net and Dockstar also). There is an excellent tutorial over on the OpenMediaVault fourm at:
http://forums.openmediavault.org/viewtopic.php?f=12&t=514
Be sure to read the entire for tutorial first. There are a few things that may not work as advertised. I had some problems with getting the openmediavault key installed and plugins to work.
OpenMediaVault is so much nicer than ArchLinux
Sanity is the playground for the unimaginative.