"If you asked a Chabad Lubavitch Hassid, they would tell you the shape of the gold seven-branched candelabra that stood in the Second Temple, and which gave its form to the nine-branched Hanukkiah used today, was not rounded, as it appears on the emblem of the State of Israel and on the Arch of Titus.
Based on a drawing by Maimonides 800 years ago, Chabad says the the Temple menorah's branches emerged at 45 degree angles from the central branch, thus giving Chabad Hanukkiahs throughout the world their distinctive triangular shape.
However, that theory is now facing a challenge in the form of a new book published by the Temple Institute in Jerusalem's Old City. The elegantly designed book, titled "A Menorah of Pure Gold," pulls the scholarly rug out from under Chabad's differently shaped candelabra... "
from Haaretz
The Rebbe's sefer on the Menorah.

I recommend two Avodah posts on the subject:
R' Seth Mandel (currently the OU's rav in charge of all meat):
"A Lubavitcher in London" who didn't want to put his name on a "it was curved" argument:
Bottom line, all historical arguments aside, 24k gold is too malleable. Unless the arms were parabolic or something close to that, they would have bent under their own weight. The math can be done, this conclusion is provable. Both straight arms as well as semicircular ones would have required a miracle for the menorah to stay in shape. And it's not listed as one of the 10 miracles of the beish hamiqdash, but that's not a conclusive argument.
Another issue I would raise is that the historical question isn't the same as the halachic one. I see no reason to believe that any particular arm shape is halachically mandatory. After all, the menorah the Maccabees lit was a collection of metal spears!
It could be the next menorah won't look like ones did in the past.
-micha
Posted by: micha | December 19, 2008 at 10:07 AM
This is correct - see the I'bn Ezra who states that the arms were curved.
I have a further theory (that I cannot substantiate) is that a bar may have been place across the top to stop the arms from spreading, especially as the menorah aged and some degree of metal fatigue would have affected the junctions with the body of the menorah.
The basis of this theory is that various mozaics and pictures from around the period of churbon bayis sheini appear to show such an addition.
Whilst straight arms would be acceptable halachically, practically, there would be major problems.
The likelihood of straight arms is further diminished as there is no discussion relating to the positions of the kaftorim etc - do you measure vertical height or along the length of the arms (with curved the same problem does not exist)?
I also do not know if the cross section of the menorah was square, round or some other shape - it appears everyone assumes a round cross section.
Posted by: The Lubavitcher in London | March 19, 2009 at 01:26 PM