Holy Arrow

Holy Arrows are arrows added during the 1.1 update and made available (via crafting) once Hardmode is engaged. While lacking in brute power (they are equal to Flaming Arrows), they summons 3 falling stars on impact. The falling stars focus around the point of impact and seem to do approximately the same amount of damage as the arrow impact, so one arrow can inflict up to 18-24 points of total damage.

The falling stars are similar to the Starfury's stars and are the same type summoned by the Star Cloak: they travel faster than the Starfury's stars while penetrating enemies and terrain. Terrain penetration stops once the stars have neared/crossed the height of the point of impact; thereafter, they can be stopped by any solid blocks. Enemy penetration seems to be unlimited. The spawn point for the stars seems to be relative to the point of impact, so it's possible to see the stars spawn spontaneously around the player if the impact point is far enough away vertically (need secondary confirmation).

Holy Arrows have a chance to not disappear on impact and may be picked up and re-used. They are quite useful against The Destroyer due to their area-of-effect damage. The AoE effect now only multiplies damage against it, but it helps in controlling the number of Probes as well as other mobs that spawn.

Holy arrows turn into Cursed Arrows during a Blood Moon.

Advantages
Some advantages the Holy Arrows have over the other arrows:


 * Hellfire Arrows
 * The Area-of-Effect damage won't harm the player.
 * AoE is much larger with piercing effects.
 * Jester Arrows
 * Craftable and therefore replenished fairly easily.
 * Piercing effects of the stars is over a larger area and distance.
 * Cursed Arrows
 * If retrievable, will always come back as a Holy Arrow.
 * Can illuminate a larger area (even in/behind walls) due to the falling stars.

Disadvantages
Crafting: Uses 3 materials, 2 of which are enemy drops. Unicorns are relatively rarer mobs spawns. Pixie Dust, while more abudant, will be split between high usage in other recipes. Holy Water in particular can be a major competitor for Pixie Dust usage, as it too is a high volume recipe. (A near-full stack of 245 arrows will use exactly 42 Pixie Dust and 7 Unicorn Horns. A full 250-count stack of Holy Water will use 250 Pixie Dust in comparision.) There are also Greater Health Potions to compete with if a player decide to craft them.
 * Curse Arrows use a common, less used enemy drop, Cursed Flames.
 * Hellfire Arrows, while more involved, use very abundant materials found mostly in the environment. Hellstone is trivial to mine with 1.1 endgame equipment. The only enemy drop required (Gel as a base for the torches) is quite abundant and can be easily farmed with access to a Slime Statue.

Area of Effect: While large, it is mainly vertical and relies more on luck to hit smaller enemies. Jesters and Hellfires are more consistent/predictable.

Low base damage: Requires a hard-hitting, higher tier Bow/Repeater to be truly effective.

Accessibility: Late-/endgame only. Required enemy drop materials are from Hardmode-only mobs.