i can almost guarantee someone else said this, but i'd rather say something that's already been said than read the ENTIRE thread. I think Holy Arrows need to be buffed back to the way they were before. Now its much harder to get your hands on a piercing ranged weapon. Just because Daedalus Stormbow with holy arrows was overpowered doesn't mean Wooden Bow with Holy Arrows is overpowered.
When you really sit down and look at what Holy Arrows do, their original implementation was absolutely way too strong.
Each arrow generated 2 stars. Each star did 100% of the full weapon/arrow damage. Each star was also capable of piercing once, hitting up to 2 times.
Now, its true that under typical scenarios, the arrows wouldn't always be accurate, or the piercing frames would cause one star to miss, or that the extra pierces didn't come into play. Absolutely.
However, this meant that EVERY arrow fired with Holy Arrows was capable of doing theoretically up to 500% total damage. Against a single target, you would probably regularly doing 200%/300% damage per shot fired. On groups, or cluster-bosses like Skeletron Prime/Destroyer, you were often taking benefit from those additional pierces as well. Their base ammo damage isn't even anything to scoff at either.
What other arrows can do that? Unholy and Jester can pierce, and so multiply their damage, but only on groups. Ichor causes the debuff, and so enhances all of your attacks, but its never even a 100% DPS hike. No other single arrow is capable of dramatically multiplying single target damage like this. When you realize that all other arrows are balanced around roughly "100-110% weapon damage", with at best some piercing options, there isn't really a justification for a single early Hardmode arrow being capable of doing this sort of damage multiplication.
Now, we realize that this arrow has existed in some form since very early in Terraria's history. We couldn't justify completely squashing it. But a dramatic nerf was warranted. As it currently stands, the loss of the piercing, and the reduction of the bonus damage to 50% (instead of 100%) allows Holy Arrows to do as much as 200% weapon damage to a single target (after defense, of course). No other arrow is capable of anything like that, except for Luminite Arrows, and those are end game.
So in essence, they are still arguably the strongest arrows pre-Endgame arrows in the entire game, except for group scenarios. By a relatively substantial margin, to boot. So I don't see any reason to buff them, to say nothing of returning them to their original form.
Maybe the tsunami and razorblade typhoon just need nerfs, they overshadow pretty much everything not just empress drops.
I'll admit, I've long been on the fence about Tsunami. Its clearly one of the best Ranged weapons in the game, arguably the best for some scenarios, and that has an impact (a negative one) in my opinion for all subsequent/tier-equivalent Ranged items. After all, its not much of an upgrade if you keep using the same item.
However; I am not a ranged player, by nature. I don't have a very strong feel for the Tsunami itself and its relation to other weapons. Furthermore, while it appears to be too strong, it is not so grossly overpowered that it is ruining things.
And so, I've always been torn on whether or not it warrants a nerf, and moreso due to the fact that I am not certain exactly what the nature of such a nerf would need to be to be reasonable, and not too extreme. In the end, I've settled on letting sleeping dogs lie.
Razorblade Typhoon is getting some attention in the next update, however, a sort of buff/nerf that I hope will make it a better weapon all around.
I'd rather see Morning Star get a longer range than have its damage nerfed; it would even make for a better reference, since it wasn't exactly a short-ranged weapon in the source material.
We are looking into some range adjustments for individual Whips, and Morning Star is included in that.