No offense, Solkanis, but all of overdark's points have already been covered and refuted. There isn't much to be added and it's better to let the thread die than to try and go over everything all over again.
Googly eye!
Although guns have a lower base damage, the fact that they go against touch AC (you're not playing right if you're too far away for that to work) and possess the best BAB in game means that you can reliably count on ALL of your attacks hitting against everything; even if some do miss, the Gunslinger has tons of mechanics that activate on a missed shot (startling shot, grazing shot, etc).Except they nerfed Startling Shot to stupidity. SS is now a separate standard action and grazing shot requires grit (if I remember correctly).
Archery is still king.
I didn't notice they nerfed Startling Shot; my Gunslinger player is going to be depressed, hahaha.
I don't think Archery is King, however. It's cheaper, but someone specializing in guns can do anything an archer can do if they spend enough gold, and they can all but completely count on all of their attacks hitting, which an archer cannot against a highly armored foe.
If you are makeing a zen archer or the deepwoods sniper from 3.5 converted, archers can get plenty scarry very fast with the right feats and DEX mods. I know someone playing a deepwoods sniper at 8th level and she is devastating in combat hitting well into the high 30's and 40's ACs. Add in her multiple shots and extreme ranges feats she is one of the most feared characters in the campaign.
Cost for 5 +1 Returning Brilliant Energy Arrows: 6,000 gp.
Usable almost literally forever. Never worry about having to run out, attack vs touch AC at 110', with more feat options and the ability to add another +10s worth of magical effects to your bow.
Sorry, but that isn't going to work for two reasons.
First, under the section on magic items:
Magic Ammunition and Breakage: When a magic arrow, crossbow bolt, or sling bullet misses its target, there is a 50% chance it breaks or is otherwise rendered useless. A magic arrow, bolt, or bullet that successfully hits a target is automatically destroyed after it delivers its damage.
Second, the first sentence of the description of the Returning special ability states: "This ability can only be placed on a weapon that can be thrown."
Arrows aren't throwing weapons, since they lack ranges in and of themselves (requiring bows to be used). Even if they were able to be thrown, they are destroyed the moment they deal their damage.
Adding Returning to an arrow just wastes the gold.