When I was a kid, the "Fine Arts Theater" was a little different than it is now...back then the term "Fine Arts" was a euphemism for "adult film" and it was pretty seedy.
Now that Biltmore Avenue has become gentrified, the Fine Arts Theater has been reborn. It's a great place to take in a film, and you don't have to worry about your shoes sticking to the floor.
After your movie, check out the "Orange Peel" right down the street for the best in hip music, or check out the "Aloft Hotel" across the street for a drink. The Fine Arts is right in the middle of one of the really cool areas in Asheville (the other being Haywood street, but that's another review altogether).