Sometimes arrows will kill you. Sorry.
Warband and CRPG cater to several different styles of play, including archery. Everybody deserves an interesting upgrade path and much of the fun of this mod comes basically from outsmarting other peoples' builds; otherwise we'd just be playing Native.
I carry a requierment-0 shield, I dodge when I see someone aiming, and if an archer still ganks me that was just his job done well. Why get all upset about it?
Like I said, the longbow should have a long draw time. That balances the distance. It should have a high cost. That balances the character's armor; it means that if a unit (especially cavalry) gets anywhere near them, they're dead.
Seems fair to me.