Actually, from what we've heard from the people lucky enough to see the demo, Archery is pretty much identical to OB's, except you get 1 shot kills.
I'd definitely disagree with that, considering that you have to stand still to have any sort of accuracy in Skyrim and thus cannot backpedal/kite enemies, it takes longer to draw your bow, arrows are not as numerous and you can't equip as many at once, and, of course, arrows do much more damage, so you no longer pelt your foe with dozens of them until they run up to you and you have to rely on either melee or magic to deal the killing blow.