Typically in games Long bows do more damage and have long range, but slower draw, and short bows do less damage and shorter range, but have faster draw.

So their DPS could end up being very close. one just uses more arrows.

It makes sense of a physics stand point as well. To make an arrow go farther your going to need a longer draw(hence the long bow). By doing this you loading more power up against that arrow. When released that arrow is going to leave the bow faster and with more energy. So it will go father and will carry more energy and make a bigger impact when it hits something.

I'm pretty sure Longbows and short bows can use different length of arrows also, which would also increase the damage for a long bow as the arrow has more mass. However I've never seen them have 2 different arrow type for bows as that would be a little excessive and from a gameplay standpoint, one arrow is fine.

I am going with Archery & Sneak as my primary mode of playing also. That being said I want to be able to use Magic quite well too. I was thinking Dark Elf for a good combo of all three items. Thoughts?

For my first playthrough I'm torn from "sneaky archer lockpicking and smithing his way as a covert tomb-raider wary of traps" or "Dragon-slayer heavily set on blades and frost magic (and shouts), ready to roll with the punches and dish out Dovah-death."

Alchemy is useful for poisoning your arrows. Sneak adds a damage bonus and makes it easy for you to get the first shot, first kill with steady aim. Other than that, nothing else comes to mind.

Anyone know the differences/advantages and disadvantages of using a short bow instead of a long bow or vice versa?

I'm planning on being a sort of archer-mage hybrid.

Important question.

Do arrows in Skyrim have a trajectory like in Oblivion? In fallout ranged attacks are easier due to no or very minor trajectory.