I had a rogue/wizard who was an elven archer, eventually an arcane archer. He was a very fun character to play. His biggest weakness was creatures that were immune to piercing weapons (which we ran into several of). DR was also an issue because, although you can get off a lot of shots in a round, with rapid shot, haste and a high bab, each shot you fire is counted separately against the DR, so it really impairs your damage. You might hit a creature 5 times in a round, but even with a mere DR 5, your total damge is reduced by 25 points. By contrast, a fighter who only hits twice, for the same total damage as your archer, will get a lot more of it through to the creature.