Not to defend bows, as I'm going to be a melee class. Your video doesn't show bow to be overpowered in my opinion.
First, understand that the partial charged attacks from stealth having high damage is a bug that is already being addressed for release. This was stated in this weeks Reddit AMA with the dev team. So those hits are not valid for this discussion as they are going away.
http://www.reddit.com/r/elderscrollsonline/comments/20x73q/welcome_to_the_eso_ama/
"http://www.reddit.com/r/elderscrollsonline/comments/20x73q/welcome_to_the_eso_ama/#http://www.reddit.com/user/zos_konk 169 points
2 days ago *
Partial charged stealth attacks: That was a bug, and the fix just missed this most recent patch. You can expect partially charged, sneak heavy attacks to scale smoothly in their damage all the way up to the full charged value"
Next, the video doesn't detail specifics about skill points spent, points put in attributes, damage ratings of weapons, etc... I know that there is some info in the youtube summary, but I'd like to have seen that demonstrated in the video.
Damage summary of equivalent attack types...
PVP
Bow full charge (looked like one light and one heavy target) - 664
2H Heavy (1 heavy armored enemy, 1 light armored enemy) - 597
DW Heavy (target looked heavy armor) - 407
PVE
2H heavy - 878
bow full charge - 779
DW heavy - 672
This shows they are effective, but not "OP". There is also a trade off to being an archer, and that typically comes with close range weakness. That will change at level 15 with weapon swap, but then everyone else can carry a bow at level 15 if they choose. Seems like a level playing field to me.
Bows are strong and effective. Agreed.
Bows are overpowered. No, disagree.