Agreed that bow damage is a bit much compared to hitpoints, armor, etc. Bows SHOULD be deadly, but they shouldn't be as deadly as they are now. Stardock has been playing with the balance since beta, and I'm sure they will continue to do so.
In addition the problems I mentioned with range, battlefield placement, attack first strike, etc...there are a few other issues. The tactical combat is very simple and doesn't allow for a more detailed handling of archery, which places the advantage in the hands of the archer since there aren't many factors that limit bows.
1) Bows can be fired through anyone with no issue, including 'into combat.'
2) Range doesn't effect accuracy so point blank is the same as medium distance is the same as extreme distance.
3) Combat speed is very nasty. A basic archer can fire twice a turn, turning simple bows into rapid fire machine guns.
Since we don't have a detailed system that can limit ranged attacks based on realistic factors, I think ranged attacks should be toned down to compensate.
I'm currently working on changing the weapons around for the mod I am working on, and adding new weapons. I plan to make ranges, attack power, combat speed, and other factors a bit more fair. I want ranged attacks, in the right hands, to be really nasty. Historically, archery was a major part of many eras of warfare in many cultures. Longbows dominated English warfare for a time, and massed crossbows were employed to great effect from Europe to China. Ranged attacks should be powerful and a viable choice. However, they shouldn't be unstoppable.