I've had a 3D archery shoot last weekend (they do actually exist), where I shot a maximum of six arrows at a (sort of) foam target. Due to my misses, I lost one arrow. And another one because someone else shot it. These were arrows fired at soft targets, at about 35-40 metres per second (125-145 kph/100-120 fps), which does not compare to arrow shot from bows in Skyrim. In Skyrim, however, you're mainly shooting at leather (in case of armoured enemies) or plate. In case of a miss, and you hit rock or a tree, you can pretty much (the tree got my arrow) forget about that too. So, in essence, you're highly unlikely to recover all your arrows shot, and the only (probably) way for Bethesda to do this is lower the arrow recovery rate. So no.
This is a much better system, I'd say. I'd rather have arrows that do more damage needing fewer to kill enemies than constantly having to retrieve arrows.
Maybe only arrows that were fired during a critical hit should be recoverable (because supposedly they hit between the plates of armor or on exposed places)