This was a really, really good show. Unfortunately (I think), it was not picked up by the masses.
As for the opening theme song, well, it was short, apt and simple. And, there is really not much to say about it except that it was composed by known television composer David Schwartz. We just recently encountered Mr. Schwartz for the Northern Exposure theme. The theme song is the ukulele-based background music for the opening sequence narrative about the premise of the show. Below is the complete and correct narrative.
“Now the story of a wealthy family who lost everything, and the one son who had no choice but to keep them all together. It’s Arrested Development.”
The above (and all of the show’s narration) is narrated by one of the show’s producers—The Da Vinci Code and Angels & Demons director Ron Howard.
Below is the original opening sequence.
The theme is also used by the character Lindsay Fünke as her cell phone ringtone.