I think that there should be different types of arrows that do a different amount of damage. You would make it by replacing the flint of the arrow with Iron , gold
,or diamonds . Because these materials are rare when you craft the arrow you get 16 instead of 4. You would make it like this.
,or diamonds
True but i'd like to see the damage it does
No, 64 extra-powered arrows for just 4 iron ingots? I say make it 8 instead of 4, or keep it at 4, otherwise, I support.
And while you're at it, look at creeper eggs.
http://www.minecraftforum.net/topic/420689-creeper-eggs/