Not really. The long bow does more damage because its able to shoot heavier arrows. Unfortunately we can't really implement a 1:1 system of how things work irl. So instead we simulated composite bows shooting lighter arrows by increasing the projectile speed and having lower damage.
I really like the fact that bows now expetience the same stat variaty as melee weapons instead of a linear increase of damage and missile speed, paired with a linear decrease of speed rating. From a balance point of view it makes total sense that the bow with the slowest missile speed ( and therefore needs the most leading and anticipating ) gets the most damage, although it looks a bit weird on paper I gotta say
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Which leads me to a suggestion:
To enhance bow variaty even more, would it be possible to give bows a "base missile speed" or "acceleration" value which calculates the missile speed after taking the missile weight into account ?
If you then add a "light" and "heavy" version of arrows / bolts, or even a completely new "missile weight" stat for projectiles, it would look something like this:
bodkin arrows = 2 pierce
light bodkin arrows = 0 pierce , + 3 missile speed
heavy bodkin arrows = 4 pierce , - 3 missile speed
The actual numbers are pure speculation of course and just serve to clarify the example.
Sure, you could say "why should archery get this much customization. Melee classes have to switch their weapons in order to fit the right situation." but then again 1h has 80 items, 2h has 38 items and pole has 52 items, while there are just 8 bows and 4 arrow types to choose from.
I have no clue how hard it would be to implement this and I can imagine, since this is not implemented in the standard warband code its one of those "hardcoded" things but I thought I'd drop this in here anyway.