After all, a proper archer (at least in medieval times) should have been able to fletch his/her own arrows. So while I have not seen nor heard anything about it, I think it would be great if the player would be able to make his/her own arrows (and maybe even bows) through the use of the Marksman skill-tree. With all the talk about mining, farming and smithing I think it would be awesome for Bethesda to implement a way for a ranger to spend time crafting his/her own arrows. Perks might be a great way to go about it in my opinion
But then it may be wishful thinking on my part as I really enjoyed such mods in Oblivion where I could be a Woodelf Ranger out in the wilds; making my own arrows and crafting leather armor from the beasts I killed.
I believe you will be able to fletch your own arrows, as I'm sure players will be able to forge their own weapons and armor. This can balance itself out if the only way materials can be obtained either by the player or NPCs would be from gathering jobs like mining and woodcutting. Also, Ebony (IIRC was mined in Morrowind) would be semi-rare and thus rare to find in most loot as compared to iron which would be extremely common in comparison. This would work for fletching as well, as you could create some pretty damaging iron-tipped arrows in large quantities, but you would really need to search for the more powerful silver simply because of it's rarity. I for one hope ideas like the one Miltiades came up with find their way in-game, so it can give my assassin a reason to take time before contracts to stock up on our new powerful ammunition for our bows.
Also, because I'm sure these will be brought up, Glass was also minable in Morrowind IIRC giving it a rarity on par with Ebony. Also, on Daedric items, IIRC Daedric items were created by "tempering a Daedra's soul" or "binding a Daedra's soul to the item", giving it near unfarmable status, making it very rare, and making the Daedric items become more valuable and more powerful than they were in Oblivion. Yep, alooot of recalling in this post, sorry. Corrections are welcome! >.>