Well If such feature as fletching can be done with mods if will not in game and will be govern by smithing as crafting skill, via perks we can expand techniques of fletching and bow making
basic ones thats simple wooden self bows (bows made entirely from one piece of wood) and simple arrows based on easy to craft materials stone, bones, soft metals, advanced techniques is composite bows thats involve using of different materials horns metals glass and rare wood, as well as crafting of better arrows forged from carbide solid metals as steel, ebony, or hard to craft materials as glass and daedric.

I couldn't agree more. I know it's a fantasy world and not our own world, but I believe the bow and arrow predated Iron weapons in our history by thousands of years. If we can expect similar weaponry to Oblivion, (Iron, Steel Silver etc) I also find it beyond absurd that arrows would be that scarce. Just your basic Iron arrow would be made with a fraction of the Iron used to make a longsword. Wood would be plentiful and I would imagine feathers would be as well. But maybe they're assuming there aren't enough birds in Skyrim?

I prefer an archer/mage build using ranged attack's, stealth and destruction for my combat. I'm afraid this does not bode well for that character type, but I guess we'll just have to wait and see.

It's an easy enough fix with a simple mod or even toggle some up with the console if they are extremely rare and hard to come by. But it just doesn't make logical sense to me that they would be this scarce. If archery is that powerful perhaps there is a balance issue with the skill?

Not necessarily. The bone and ivory type arrows give us an option for cheaper, weaker arrows. Useful for hunting and unarmoured opponents. When you need stronger arrows you have to go buy the good stuff or learn how to smith them.