Is pretty much by the book. Missed arrows/bolts can be recovered 50% of the time. Players can buyt new arrows or with the proper skills and tools make thier own.
I also only allow a character to carry at most 2 quivers at a time. If they need more than that then they can carry extras on horses and reload or replace as needed.
I find doing it like this keeps players in check and really doesn't slow down the game. I had one player would would go through a minimum of 15 arrows in a standard battle which was when I got tough on them.
It's my first 3E campaign.
We're only tracking masterwork and better arrows otherwise I don't really care. Granted there isn't an "archer" in the party so it's only ever one or two arrows per combat so it's not that big a deal.
I tend to tweak the "50/50" rule depending on location. Inside, 75% broke, unusable/25% reusable. Outdoors, I'll set the percentage based on terrain, weather, & other factors.
Actually, we do this just so that nobody has to remember how many arrows were fired. My players are pretty good at keeping track of stuff like this, and I keep them honest by checking that they are actually writing stuff like arrow counts down.