hong said:
PHB p.124, "Shooting or Throwing into Melee". The Precise Shot feat negates the -4 penalty.
Reread the previous post. Angalagon talks about a -4 penality to AC. There is no such things. It's a -4 penality to hit.
And like you said that penality is negated by precise shot which is a prerequisited to be an OBI.
The only penality for shooting in melee is to provoke a AoO which is negated by the close combat ability.
Although the sunder argument still hold.
And there's no way the hell an OBI (or any archer for that matter) that will be able to threaten an area with a bow. And it seems to me (although I may be wrong) that the OBI can only "sneak attack" (I don't remember the name of the ability) when the opponement is denied dexterity, not when he is flanked.
Heck, OBI is a fighter type character. Giving him rogue ability for free is takin the highway to unbalance land !