this bow it's not so good, max average choice trust me i would never ever reforge 'OP' weapon so get a Brain On my friend
At +3 it's broken as fuck, but at +0 it's the same as Lord Longbow. It won't overshadow all the rest of the bows so I guess that will be the eventual event item.
I'm not yet sure about the rest of archery internal balance, but I wouldn't call the item bad at any rate. Everyone including other archers, crossbowmen and their thrower drinking buddies will be more accurate than you and will certainly fire faster than you, but when you get a hit in it will hurt, with a hypothetical maximum of 102 cut damage per arrow (+- a per cent or two from wpf ). At the +3 stats, that number would have been 107 cut per arrow. Also most maps allow enough maneuvering and cover to avoid the worst of the sharpshooters.
The damage and the almost gunlike missile speed make the +3 Lord Longbow / +0 Elegent a worthwhile contender among bows at least in my opinion.