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The magic weapons section of the Core Rulebook says:
Ranged Weapons and Ammunition: The enhancement bonus from a ranged weapon does not stack with the enhancement bonus from ammunition. Only the higher of the two enhancement bonuses applies.
Ammunition fired from a projectile weapon with an enhancement bonus of +1 or higher is treated as a magic weapon for the purpose of overcoming damage reduction. Similarly, ammunition fired from a projectile weapon with an alignment gains the alignment of that projectile weapon.
Just so I'm absolutely clear, ammo fired from a magic weapon gets the full bonus of the magic weapon, right? The second paragraph says it counts as magic for overcoming DR, but I want to make sure the bonuses apply to hitting and damage.
Similarly, I'm assuming for the case of the arcane strike feat that enchanting the bow every round would make multiple arrows fired in the same round all get the damage bonus. This way, the archer doesn't have to enchant individual arrows, which would limit him to one per round getting the bonus, even if he's using rapid shot or a high BAB to get multiple attacks per round.
