High frequency ultrasound imaging arrays are important for a broad range of applications, from small animal imaging to photoacoustics. CMUT arrays are particularly attractive for these applications as low noise receiver electronics can be integrated for an overall improved performance. In this paper we present a comprehensive analysis of high frequency CMUT arrays based on an experimentally verified CMUT array simulation tool. The results obtained on an example, a 40 MHz 1-D CMUT array for intravascular imaging, are used to obtain key design insights and tradeoffs for receive only and pulse-echo imaging. For the receiver side, thermal mechanical current noise, plane wave pressure sensitivity, and pressure noise spectrum are extracted from simulations. Using these parameters, we find that the receiver performance of CMUT arrays can be close to an ideal piston, independent of gap thickness and applied DC bias, when coupled to low noise electronics with arrays utilizing smaller membranes performing better. For pulse-echo imaging, thermal mechanical current noise limited SNR is observed to be dependent on the maximum available voltage and gap thickness. In terms of bandwidth, we find that Bragg resonance of the array, related to the fill factor, is a significant determinant of the high frequency limit and the fluid loaded single membrane resonance determines the lower limit. Based on these results, we present design guidelines requiring only fluid loaded single membrane simulations and membrane pitch to achieve a desired pulse-echo response. We also provide a design example and discuss limitations of the approach.