I like fire arrows the best because they are the most useful. Besides the light arrows for the final boss. Anyway, I always thought that it was fun to burn enemies and make fire puzzles easier.
They should make Shadow Arrows, or maybe Water Arrows. But my fav are Light. Love the it in TP when Zelda helps you in horseback of places. (usually its underwater(WW) or right smack in the middle of Hyrule(ST)
Aside that I love the Ice Arrows, I also love the Light Arrows. The Light Arrows are very beautiful and epic to use during fights or for goofing around^^. The Ice Arrows are an awesome item to freeze your enemies^^ Powered up Arrows can waste your meter, but they are pretty awesome to use during fighting.
I like light arrows. In ST TP and a few other games you use them on the final boss to kill them, and its just fun to power them up and murder whatever you hit.
Ice Arrows have my favorite sound effect, Fire Arrows have my favorite visual effect and Light Arrows have my favorite...well, they're cool I guess. Ice and Fire are my definite favorites, but I picked Ice just because.