Well...
Comparing Nolvadex and Arimidex is not exactly comparing two like compounds. Here's the simple story.
Arimidex is an aromatase inhibitor, meaning it inhibits the aromatase enzyme that converts androgens to estrogen. This enzyme can be found in fat cells. By inhibiting the FORMATION of estrogen, the estrogen side effects are reduced or eliminated, depending upon the dose. So, this can be good for overall water retention, and other estrogen side effects.
Nolvadex is considered a Selective Estrogen Receptor Modulator (SERM). It acts to compete with estrogen for binding sites, thus it is a competitive inhibitor, but does not decrease estrogen production as androgens are aromatized. It has high specificity for breast tissue, and is used for women with breast cancer (often along with Arimidex). It's a good choice for combating gyno.
So, your friend might look at which sides he typically has trouble with. If it's water retention and bloating, then Arimidex may be the best choice. If it's gyno, or tenderness around the nipple, then Nolvadex is a better choice. He's probably going to be best off using both, as they work through different mechanisms. He might start with .5 mg Arimidex and 20 mg of Nolvadex a day, and see how this is going after a couple of weeks. Then, re-evaluate which sides (if any) seem to be present and adjust the dosages.
I'll freely admit this is a simplified explanation, but the main points are correct, and should help your friemd make his decision.