I don't have all too much of a preference between the Fire and Light Arrows, but definitely the Ice Arrows are my least favorite.
They are awarded late in the game for a sidequest that isn't really worth the trouble to get them, and I never found myself using them, the only time I bother with the Ice Arrows is when I 100% it.
Between the Fire Arrows and the Light Arrows, I would say that I slightly prefer the Light Arrows.
Now, I love the Fire Arrows, they are great for purposes like the "light the torch with an arrow" puzzles, but they really aren't as epic as the Light Arrows.
The Light Arrows win for me if only because of plot and cool light effects upon impact.