I believe we will not have good archery unless we get a few things:
1. The ability to arrange troops before tactical combat
2. Bigger tactical maps
3. Better zone of control mechanics
4. Cover, from friendly units or terrain.
5. Range penalties
Why? Because archers need to have better damage to be relevant. But if they are to have damage similar to other troops, they need to have counters and drawbacks. One of the counters MUST be cover from terrain or other units, and of the vulnerabilities MUST be weakness in hand to hand. But if you have these, you must be able to somewhat protect the archers, which means bigger maps and zone of control mechanics.
The problem is that the five points above are not trivial to implement, and the developers have more or less said that some of them will not happen. I still hope they will change their mind on that one, but for now I consider 'no ranged' a no-brainer for my custom races.
As for Total War, my mileage varies. Horse archers in Medieval II and Rome are all one ever needs to take over Europe. Which is realistic, and historically accurate, but kinda boring.