Pathfinder archery works better than previous systems IMO. Original D&D for example I always thought it was far too weak and it remained so even in computer RPG's like EQ1 where it was useful only for pulling an enemy.
The problem is that it seems apparent that the rogue shooting an enemy from behind in the darkness should kill that guard with it. And realistically he would - the problem is that too many times the guard is built to be a heroic monster with mega hit-points. Savage Worlds, GURPS, and even (boo hiss I know) D&D4e handles this right away by creating "minions" - cannon fodder to be the enemies that simulate cinematic play of enemies who go down with one shot but have the power to mess you up if they hit you first or you miss.
IOW archery and other artillery fire whether its fireballs or what have you can be done in an exciting fairly realistic way if your GM has written the adventure well.
Like everything YMMV. Just my 2copper.