Item doesn't say flaming close combat attacks, so yes you get flaming arrows. But for 10 points and having to give your archers a banner, I don't see the use. Even against the hydra with 50 shots a turn, you have to hit, wound and get past the armor save, with 50 shots you cause 2-3 wounds a turn on average. That unit cost you 570 points to take out a hydra in 2-3 turns. You had better kill two to get almost half you points back, so you say that you would only have a unit of 25, then you are only causing 1.5 wounds per turn. at a mere cost of 295 points. Save the 10 points for a standard bearer plus 10 for the magic banner and put it towards more special choices.
Subject: Banner of eternal flame 
