I say no arrows or bolts. If both melee and casting classes use their attacks for free, so should the ranged.
But...melee have to sacrifice their life(easier to get beat on in a close range like that), and casting use lots of mana...and tend to be very squishy due to the hard training that takes place to be able to cast. Ranged can defend themselves much better than casters, and do not have to take the risk of being in a close range. Why should they get attacks for free?
Secondly...why are you arguing against something that can drastically help the ranged classes out when you clearly want the ranged to be better? You obviously haven't thought this through.
I'm not for or against ranged classes. Mana is free and health is free. Arrows and Bolts you have to buy sometimes. Besides... melee classes are using mana now, too. Well, a variation of mana anyway.
Special arrows and bolts are dumb. They may make sense as a real item, but you can already enhance your shots through abilities, and it adds yet another layer of calculation to becoming 'hardcore'. Just look at Oblivion. Its special arrows sucked.
It's just not a good idea in my opinion. Make arrows and bolts infinite.
Melee does not attack for free. Each attack = durability loss. Quantity on arrows should be thought of just like durability and in fact the amount of time for a weapon to degrade to 0 durability should be comparable to the amount of time someone runs out of arrows.
As for special arrows, it doesn't make much sense to have like fire arrows, cold arrows, etc. because there will be spells for that. What might be interesting is to put the piercing modifier on arrows (Razor Arrows) along with other options like knockback (Blunt Arrow), bleeding wounds (Hollowpoint)...
i've seen it in many games (WoW, Oblivion) and i dont really like the idea of it. If we're talking about making fights simpler and not having to get to town and back for pots (health globes, hello!), why force certain classes do so for arrows?
I'd prefer it as it was in Diablo 1. Bows have their arrows with them, crossbows their bolts, everyone's happy for not having to go to town over and over.