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As it stands this minute CiviCRM will notify Authorize.net to start a recurring billing and that initial billing will be recording in CiviCRM as a contribution of "recurring" type with X number of installments in $X amount.
FYI: I have hired a developer to finish this functionality and expect to be finished in the next couple weeks. The developer has been working on it for a while and says he is in the testing phase now. We should have a fully functioning recurring billing integration for CiviCRM and Authorize.net including silent post. I will post code to update once I receive it from developer and it has been tested.
NB - it's somewhat ironic timing you got someone to do it because I had been thinking about doing it if the interested parties committed to making a suitable donation to the Haiti relief fund
I just received a version from my developer this morning. I have not had a chance to fully review what he has done. I will post here in the next couple days with an update. The development was done for the latest stable release 3.0. I have not reviewed all the developed features yet and am unsure if canceling payments is available.