I love archery, but think its overpowered wrt unrealistic capabilities. My iron arrows penetrate dwarven armor, and make a ton of damage. And since money isn't an issue and arrows have no weight, there is really no drawbacks from being an archer. I have no objections on being overpowered against leather and animals, but just like "destruction mages" relying on a single damage system that actually have a hard time, the archer should also be forced to pick his fights and run away from others. The archer can rely SOLELY on the bow, and that is wrong, given his ranged capabilities almost without penalties. He have some though; can't use Spellbreaker or ward spells while dealing damage. But fully armored enemies have been lacking, at least in my games, I would be perfectly happy if the bow had some limitations against these.
The same could be said about swords I guess, they are too effective against high yield armor making it unnecessary to pick those other 1H perks. Not according to my own play since I haven't tried them, but based on comments I've read here pointing out these balancing issues.