Dragon Bone Tools are a set of items that are created out of Dragon bones. Plus, they look pretty sweet. You made tools out of a dragon's bones! Its hard to get more awesome than that. They are of higher quality than diamond.
Dragon bone arrows are crafted with a dragon bone and a witherbone shard. The recipe gives five dragon bone arrows.
With a Enchantability of 22, Dragon Bone Tools are as enchantable as golden ones, which is an Advantage over the ones made out of Dragonsteel.