Bomb arrows are just right, especially considering their weaknesses (can't use them up close lest you blow yourself up with it ... can't use in the rain ... can't use in Eldin due to heat ... cold weather messes with them too). I honestly like using just normal arrows more than anything else with a few exceptions - like shooting fire Lizalfos with ice arrows to instantly disintegrate them, or using shock arrows on enemies/fish in the water because the AoE makes it so simple and efficient.
One item of note ... on another site someone did some extensive testing of the entire weapon/bow/arrow/armor system with respect to damage, buffs, multipliers, elemental damage, etc... and I THINK they found that even if you use bomb arrows with multi-shot bows, you only get the added bomb-damage of 1 arrow, even if multiple hit the enemy. Also, oddly enough, I THINK that the duplex bow that the Yiga carry - while a 2 for 1 arrow style use bow - actually does double-damage with elemental arrows ... so with that one, bomb arrows become a true double-hit-damage affair.
As for ancient arrows ... considering they just need some pretty common ancient parts, and a 1-to-1 ratio of normal arrows to exchange for the ancient arrows (and the cost of the rupees of course), they are WAY too overpowered since they take down guardians in 1 shot if you hit them in the eye. That destroys the entire aspect of "fighting" them. I mean, the ancient arrows are ALMOST a necessity for sky-watchers ... but you CAN use bomb arrows to blow up their propellers, and then once they fall you can just walk up to them and slash them to death ... but that's a real pain, and not that hard to do if you use bullet-time.
