With only 5 PS and 75 wpf in 2h, i do decent damage with an unloomed langes messer (after having dropped my bow and arrows on the ground).
Archers can "invest" some points and get melee capabilities, but will have an harder time against dedicated archer.
Guard_Tennenoth is a good example of a pretty damn good overall character.
Others just go around with blunt weapons and 2-4 PS, but with good melee skills, you can still hold and even kill some of your melee agressors.
Archers are not "weak", not even after all thoses nerfs. It's the perfect class to annoy crossbowmen, shoot down horses at distance, support some duelling melees, kill 2h or polearm heroes, launch a marathon against str whore with 4 athl, etc...