Recent auto-research systems can produce complete papers, but feasibility is not the same as quality, and the field still lacks a systematic study of how good agent-generated papers actually are. We introduce ResearchArena, a minimal scaffold that lets off-the-shelf agents (Claude Code using Opus 4.6, Codex using GPT-5.4, and Kimi Code using K2.5) carry out the full research loop themselves (ideation, experimentation, paper writing, self-refinement) under only lightweight guidance. Across 13 computer science seeds and 3 trials per agent-domain pair, ResearchArena yields 117 agent-generated papers, each evaluated under three complementary lenses: a manuscript-only reviewer (SAR), an artifact-aware peer review (PR) in which agents inspect the workspace alongside the manuscript, and an human conducted meta-review. Under SAR alone the picture is optimistic: Claude Code obtains the highest score, outperforms Analemma's FARS, and matches the weighted-average human ICLR 2025 submission, suggesting that minimally scaffolded agents can produce papers that look competitive on manuscript-only review. Manual inspection, however, reveals this picture is overstated: SAR scores are poorly aligned with its actual acceptance decisions and reward plausible framing without verifying experimental substance. Under artifact-aware PR scores drop sharply, and manual auditing identifies experimental rigor as the major bottleneck, decomposing into three failure modes (fabricated results, underpowered experiments, and plan/execution mismatch) that are highly agent-dependent: Codex 5%/8% paper-vs-artifact mismatch / fabricated references versus Kimi Code 77%/72%, a $\sim$15$\times$ spread that tracks distinct research personas the agents develop. None of the 117 agent-generated papers reaches the acceptance bar of a top-tier venue. This suggests that we are still gapped from the true auto-research.