Ahem, damage wise its comparable to a steel bow with steel arrows to start with. With mystic binding it becomes comparible in damage to a daedric bow with daedric arrows.
It looks like a ghostly Daedric Bow, just like all Bound Weapons. As said above, without the Mystic Binding perk (Conjuration), Bound weapons are ~Steel quality, and are ~Daedric quality with Mystic Binding.