Gonna list out the buffs and nerfs of archery that I think are there.
Nerfs:
-3 damage on all bows
This directly translates to ~-3 final damage to all targets. This leads to a larger % decrease for the lower damage bows compared to the high damage ones. That's a little less than 2PD damage reduction for the strongest bows, and 2-3 for the weakest.
-5 to 6 ammo, translating to -10 to 12 ammo on average.
28 to ~37 ammo if loomed, a comfortable rate of fire is around 6 seconds per shot. Because of this, archers are forced to be selective with their shots. Those without looms experience a much more limited quantity, barely much more ammo than a thrower.
Buffs
Accuracy
Because of the way Warband works, -3 damage translates to ~24wpf worth of accuracy increase. I believe accuracy is also tied to hold time, so that's generally better.
Archery and armor
Archery had a wpf penalty of (effective weight) * 2.5. This has changed to (effective weight) as % reduction of wpf (10 effective weight on 170 wpf = 17 wpf reduction). Archers below 250 wpf all have lower wpf reduction from armor. Hybrid archers can have lower archery wpf and wear armor and they won't be too poorly off.
Archery and IF
Ironflesh allows archers to wear more armor before the wpf reduction begins to apply, giving them defense against other ranged and 1 shots. Their kiting ability is reduced even more, however. These two changes make archers more similar to xbows in terms of being able to wear some decent gear.
Indirect nerfs:
0-2 difficulty shields received significant increases in durability. They still may not last very long against melee attacks, but they're enough to equip and approach archers with them.
Ironflesh and effect of level 37
There aren't too many min-max complete builds at level 37, so people tend to put points into the buffed ironflesh and shield.
Indirect Buffs:
The heavier horses received durability nerfs, making most horses more susceptible to ranged in general despite the damage loss.
Conclusion:
I like to think of Attack, Defence, and Speed as related; the viability of defence has increased while attack and speed were hit. I think that the low tier bows were hit a little hard in damage since it takes more than 2PD to break even, but you also can't ignore the possibility of the existence of many heavy kiting builds possibly appearing.
Archers used to be able to have good attack and speed, yet have poor defence no matter the build. Now, it takes many skill points to be proficient in speed while attack and defence complements each other this time around.
I don't think +2 ammo would hurt, but I think buffing the damage on the weaker arrows to lessen the damage difference might not be too bad. (except for Arrows 'cause of strat I guess).