Well, realistically, it should take even longer.

Another skyrim.ini tweak for archery

[Combat]
f1PArrowTiltUpAngle=0.7
f3PArrowTiltUpAngle=0.7

This setting will force the arrow to start from the middle of the cross hair, then drop down from gravity.

The 0 setting starts the arrow below the cross hair.

IE: It turns off autoaim.

Courtesy of Nadimos at http://www.skyrimnexus.com/downloads/file.php?id=758
More information in the comments.

In Oblivion, the arrow fired straight from your crosshair and began to drop right away. This meant that you had to arch your shots for farther shots. In Skyrim, the tilt is automatically set for optimum accuracy @ range. What this basically means is that you need only aim for center of mass for a longer distance than you did in Oblivion. In Oblivion you could only get away with short range before you needed to aim high. In Skyrim the arrow will cross your line of aim twice, once on the way up then again on the way back down (as with archery in real life). Only after a good distance do you have to start aiming high. The only issue I find is that after a certain distance, the arrows don't seem to do anything. This is a shame cause in Oblivion I enjoyed sniping enemies at the maximum draw distance.

you think beth will patch this issue ?

i want them to fix the archery issues but im scared the next patch will break my game further.im still pulling the arrow out of my knee from 1.2 if u catch my drift

I use archery fairly often on two of my main characters, and I like the aim.

It takes some getting used to, but it only goes slightly above the crosshair, and I can pull off easy headshots after I got some practice. As for the collision mesh problem, I haven't run into that, so I can't say much.

dont think headshots even do extra damage?..

They dont. You might as well hit in the ankle, no difference. Admit it looks silly fighting with someone who has like 5 arrow in his/hers face..