They really should've added special effects to arrows based on the wood/feather type used. Craft an arrow with Phoenix Feathers, and it gains an explosive effect (and make the arrow look like the flaming Magic Arrow spell). Craft an arrow with Frostwood, and it fires an icicle. Harpy Feathers could grant some effect as well.
This would give a reason to actually craft arrows too, rather than just loot regular arrows/bolts off of Centaurs/Meer Captains.