I have found out that the best bow is in fact the daedric bow, which is a crafted item. And then I was like: "alright, I'll just powerlevel my blacksmithing and craft it, there's no problem with that."
Soon I had to realize that ALL the best gear comes from crafting, enchanting and alchemy. So I got pretty disappointed and lost interest in playing further because I just wouldn't enjoy the story knowing that there are no better quest rewards or any loot which is better than the über enchanted-upgraded-rainbow coated-shiny 40% bow damage and sneak dragonscale pieces of armor.
Well, I guess real RPG's are not my type and I'll just have to wait for Diablo3 to get the experience I want. But I'm interested in your opinion about this, or if there's anybody else who feels the same.