The Ice Arrows are definitely one of the greatest items I've ever seen in Zelda.
Of course, they don't play a big role in Ocarina of Time, and, in fact, they are almost useless in the game, but I still like them.
As almost everyone knows, they're the prize for the effort of going through the mini-dungeon Gerudo Grounds (is it called like that?), and, though to many it may seem it isn't worth going through the Gerudo Grounds to receive an item almost at the final of the game, and that is useless, I find the item as a misterious one. I love freezing enemies. I always liked arrows, and them being able to freeze enemies pull some of the arrows capabilities to the max. Killing enemies may be cool, and burning them, too, but freezing them is even more fun. Actually, I think freezing enemies is one of it's many hidden purposes. To me, no one, or almost no one, has tried to pulled the Ice Arrows powers to its limits. Has anyone tried to freeze the water, like in Majora Mask? Or maybe try to freeze an empty hole to see where it leads you? I remember seeing an image uploaded in the Zelda Dungeon's Ocarina of Time walkthrough, inside the Scarecrow's Song guide. This image showed a scarecrow which seemignly is useless. Maybe, that lone useless scarecrow has some kind of connection with the Ice Arrows, that leads to a secret.
In conclusion, Ice Arrows mustn't be called as useless unless someone tries to explode it's full capabilities and only receives useless results.
Also, a dungeon that uses the Ice Arrows wouls be great and, in fact, you can find it in majora Mask: the Great Bay Temple.