If you look at the commutation relation of the position and momentum operators (in 1D position space), you get:
$$[\hat{x}, \hat{p}_x] = [x,-i \hbar \frac{\partial}{\partial x}] = i \hbar$$
All this says to me is that if you prepare a system in state (A) and measure the position, the system is now in state (B), which is an eigenstate of the position operator. You then measure the momentum of state (B) and now you're in state (C), which is an eigenstate of the momentum operator. Note that these must be consecutive measurements.
Alternatively, let's assume you reversed the order of the measurements. Beginning with state (A) again, you measure momentum first and put the system in state (D), an eigenstate of the momentum operator, but not necessarily state (C) [right?]. You then measure position, and put the system in state (E).
$$(B) \neq (E)$$ $$(C) \neq (D)$$
That's all HUP says to me. It says nothing about simultaneous measurements of position and momentum — is that even possible? (What operator would that be?) It only says how much the final wavefunctions of two systems that started out the same differ if you perform two measurements in a different order.
Where is the uncertainty? You know the position and momentum exactly — right when you measure them. You get some random value weighted by the coefficients of the eigenfunctions in the linear combination that forms $\psi$.
So I don't think it's accurate to say you can't "simultaneously know position and momentum to arbitrary precision", because as far as I can tell, you can't even measure the two at the same time.