Having been involved with archery for 55 years including when my dad own an archery chop back in the 60's I have seen and used about every type of arrow around. Some are good and some are not so good. I am not too familiar with the new and very very expensive carbons but know enough to be dangerous about woods and metal.
Nostalgic wise, cedar is the best. When they are straight or straightened if stored properly they will stay straight and when broken they smell great. There are many newer type wood shafts that are made that are much better for straightness and durability but they don't have the old Bear Archery nostalgia going for them.
I have purchased many old Bear wood arrows at yards sales for little less than nothing, stripped the paint off and found some beautiful cedars to use. Having been pretty lucky to have been left with all my dads old archery "stuff" I can spine check the arrows to get matched sets.
I use arrows according to what and when I am shooting. I hunt with cedar as I never expect to get my arrow back or at least back in one piece much like gun hunting, you don't expect to get your bullet back after shooting. When I shoot in leagues I use metal or carbon for their durability.