Hmm, I don't know. I'm a former member of an archery club in England and we used to shoot everything from composite, compound bows to great English Warbows with over 100 pounds drawback weight. Their firepower is quite impressive, but I thought Oblivion did a good job of conveying it. Arrows are no way as fast as some people make them out to be.
I get your point, it's kinda like the "a katana can cut a horse in half!" thing. Nevertheless, Bethesda overhauled the bow system basing themselves on a great mod. Arrows aren't THAT faster, but damn they hurt, I think I even saw that some can knock back enemies. And you actually have to stand still to make a powerful shot, you draw (don't know if it's the english name for "pulling the bow string") slower. But as a whole, bow hurt much more.
But, let's bare in mind that most of the mighty powerful bow legend comes from war tales, where the enemies where literally under a rain of arrows, having devastating effects on leather and mail armors. I guess one guy with a bow isn't that dangerous, especially on moving targets.