I have seen that chain symbol in the arena
when i have been fighting monsters does it mean the
higher the number I can manage to get the better drops I may
get? Or does it not do anything besides show how many monsters
I can take out in a row?

While the MCC is present, you get a bonus to experience and item drops corresponding to the number displayed on the MCC. The higher it gets, the more bonus you will receive.

This post was edited by Hank123 on Sep 30 2009 07:44am

Also the chain goes away if you don't re-initiate another battle within so many seconds after the next ends.

Kind of an important fact that was missed by hank.

The Monster Chain Counter (also known as the MCC) appears when fighting monsters in the Arena. If you click Resummon monster within a few seconds of killing the previous monster you summoned, the chain should appear, and start counting for each additional kill you make. If you take too long between resummons, use a fish, or leave the arena, you will lose your MCC. Additionally, if you level or are not fighting monsters of the same level as you, the MCC will not appear. This means that you cannot get the MCC above level 70.

While the MCC is present, you get a bonus to experience and item drops corresponding to the number displayed on the MCC. The higher it gets, the more bonus you will receive.

Any questions feel free to shoot me a pm