Interesting that some are saying it is definitely bugged and some are saying they haven't seen any change. I can only say what happened to me. My bow went from around the 150 mark to 420 damage with the patch. It was a shame because I was building a nice archery sneak type, avoiding using any magic. Because he became a one hit kill on almost anything I lost interest and retired the character. I've kept the latest save so if it wasn't intended I can go back to him.
Sudden big changes may be due to unexpected mod interaction, if you are a PC user. But if you use crafting, 420 damage is not an unusual damage number at the end game. With enchanting/smithing/alchemy you can achieve 562 damage without using the potion of fortify restoration exploit. If this feels too high and makes the game not as fun as it could be, one can choose to use less powerful weapon or wear fewer fortify archery gear.
The bug some other people and I were talking about in 1.5 here and in other thread is that the damage display went up 10-24 points on the bottom right side of the screen, under damage next to weight, depending which arrow was selected. It's very noticeable at the beginning of the game because your base bow damage is quite low at that point. But not really noticeable at high level. The actual damage was not changed. And the damage number in the inventory screen still displays correct damage.
The bow damage is:
= (base bow damage + smithing increase + arrow damage) * ( 1 + 0.5 * archery skill / 100) * ( 1 + perk effect) + ( 1 + enchanting effects)
In the beginning you will typically be using a hunting bow with steel arrow, and your skill will be pretty low so you should be getting around 20-30 damage.
If you are using a daedric bow with smithing and enchanting at the end game, you should be getting around 400 damage. If you use alchemy, you can get around 600 - 800 damage.