"Range" is almost trivial, over all editions of DnD. Lets face it, The encounter range is generally very close, as the party is generally "required" to identify a possible foe at rather close quarters. I haven't seen many opportunities for horizon-wide combat. But, maybe that is just me. But I also find with the movement options available to high level characters (that this discussion seems to have focused on), there really is no signifcant range that lasts for more than a round, when you consider dimension door, fly, haste, teleport...
Secondly, the big breaker in DnD isn't the ability to hit (it becomes so trivial at high level anyway), it is the amount of damage done with a hit, and there, even with stacking bonuses from arrow and bow, the archer is still trailing the melee character, as he should. The archer makes up for it in that he does not have to move to get there, and therefore gets more full-round attack actions.
@Infiniti2000
IMO, paying 2,000 gp for a temporary benefit, instead of 6,000 gp for a more permanent solution is a perfectly fine choice, and I have no problem with it. I detest that in 3.5e it isn't even an option. In 3.5, you just don't bother. After 9th level, you just have the cleric and wizard drop a gmw on your gear for the day. They have of course some scrolls prepared as well for the unlikely event that they should actually get dispelled. There is only an extremely low opportunity cost, when compared to a permanent investment.
I've made my case, and although I can agree with nifft that there are still a few possibilities around for powerful magical arrows by the RAW of 3.5 (although not as many as I would prefer), the changes I've made works for us. I'm not going to change to 3.5's nonstacking. Maybe we in our group haven't yet scaled the heights of near-epicdom, and there is some fascinating mystery which eludes me yet, a truth which I will discover. But I haven't seen anything yet to cause me a great deal worry.