Well, it looks decent, and the attention to detail is very good, but I can't help get the feeling that there isn't much use for it other than -as Licheaus said- to make a particular thing stand out, or just replace stock arrows, but I'm not sure how much I am of a fan of how useful that is since it's uses are fairly limited, and external to those to uses, there's little point not using the stock arrows.
as far as the quality of the model I'd give it a 3/5 due to its simplicity, and I'm not a particular fan of the white "streaks(?)" at the back of it since -if- those were there, they're more likely to be situated at the front of the arrow, not the back of it, unless it was rocket powered. and would need to be leaving a little trail behind them and be relatively feint.