I honestly think that Bomb Arrows were great items. The fact that you could finally aim where you wanted your bombs to go was just magnificent. Not to mention it helped when fighting four Darknuts in Twilight Princess. Bomb Arrows were certainly required to solve some puzzles in the game... but really wasn't used for much else. I personally love to use them, but I still like Fire Arrows, Ice Arrows and Light Arrows better. I especially liked Wind Waker's convenient use of all three. Switching between the three types of special arrows and regular arrows was simple to use and quick, unlike the arrows in Majora's Mask and Ocarina of Time.
I especially liked to mess with Bomb Arrows. Sometimes in Gerudo Desert during the night... I would purposely fire Bomb Arrows into the night sky and watch them soar a few hundred feet before finally exploding. I liked watching the curve of the them as they slowly arched down after soaring for a little while. It was kind of like fireworks. I also liked to fire Bomb Arrows at random objects like rocks in the distance. It was always a mystery when it came to how things would react when I fired one. They are incredibly powerful and can really help in the Cave of Ordeals when you want to dispose of enemies quickly without getting hurt. Although I liked them, I feel they didn't have much purpose.
I understand what Nintendo was going for when they designed it. It was a poor choice to take magic out of the game. I would have liked to see magic return, but it didn't. As for Zelda games that come in the future, I would still include Bomb Arrows in the game but also bring magic arrows back into the Zelda franchise.