Elder scrolls online is supposed to make it so you can use any skill, but I'm caught in between being a one handed swordsman, or an archer. If i wanted to do both equally on the same character, would this make me underpowered compared to others because i'm not focusing all my skill into one tree?

There'll be a weapon hot switch, so yes you can do both; and there'll be plenty of skill points, so you should be fine, although to be stronger in the early game I guess you might want to focus your point expenditure for a while before branching off. You don't have to take all the skills in a line, btw; so you can pick and choose your skills from each line. Skills don't have skill prerequisites, just skill level prereqs.

ok thanks, and did i see correctly that archery is now lock-on?

I don't think that this would underpower you in any way.
You're able have a second weapon set to swap to, that wouldn't make much sense if we should focus in only one weapon.
Also most of the utility abilities and passives you want to go for will be the same for both weapons, both weapons profit from high stamina/stamina-reg which comes with medium armor, Hast increases the attack speed of both, etc.