Everyone keeps talking about the pierce damage issue. I have to say that although archery got slower and does less damage, the deal breaker for me has been the reduced accuracy. I have a 275 modified WPF and I still can't aim accurately enough to place my shots beyond 30 feet or so. I don't mind not doing much damage, but when I can't hit I don't have fun anymore.
To my knowledge, there's no modified WPF for archers anymore. If you have lets say 155 real WPF , you have 155 WPF no matter how low your PD is.
Edit: But of course it can get lower than that by wearing heavier armor or having higher PD.