For a freezing arrow amazon, Ice is god's personal smiting tool. There's no real other choice... +3 bow skills (if made in the right bow), % cold skill damage, -% enemy resists, decent physical damage for leech, even massive gold find (helpful for those runeword repairs!). Oh, and a priceless holy freeze arua that makes you nearly impossible to hit!
For pure strafe, it's not very good. Holy freeze is still good defense, but the frost nova damage is pathetic. It's useful for keeping things nice and slowed, but you lose too much compared to other bows to get it.