any disadvantage the bound bow has is more than made up for by the fact that it gets free daedric arrows

As pointed out it all depends on how you play. My level 37 explorer battllemage whos rule is that he can only use what he finds without improvement has a damage base of 50 with a bound bow but the ebony bow he found only has a damage base of 30 (that is with iron arrows). I am using the number that shows in my equipment window when I look at my weapons. The only advantage the Ebony bow has it does 40 damage to magic, but his Orc mentality tells him that a dead mage has no magic so best to kill them as quick as possible.

I do like the thought of elemental damage and think that there should be more types of bound weapons.

Derp. Nevermind.