The feat originally posted by Garnfellow is interesting.
I've been into a couple of these types of threads, and in each one I've defended the archer. If the rules let you, go for it. If the rules are abused/broken, house rule. Thats my opinion.
However, this time, I have to say the feat is WAY overpowered. You get two ability bonuses (Str and Dex) added on with a mighty bow. On top of this, seeing as how Dex and Str are arguably the number one and two abilities of most archers, this is nuts. Throw in that many archers are elves, then you are running to the "porcelain alter" to empty stomach contents.
Now then, my idea on fixing the feat. Number one, a thirty foot range limit on the extra damage. Makes sense because most archer damage feats follow this. Next, make dexterity replace any strength bonus to damage. That way the damage increase is minimal. Thirdly (and this is my favourite), make the max Dex bonus equal to the bonus that would be given by a Might Comp Bow for the strenght stat.
Okay, before everyone starts screaming that a MCB requires the strength to draw and that makes the feat a stupid one, then here's what you do: House Rule that Dexterity can be used to use a MCB of a particular plus, but you can only apply the strength bonus you have.
That is, you have an MCB of +3, with a 12 Str (+1), and a 16 Dex (+3). The char can draw the bow but only apply a +1 bonus. This is good for chars who are going to beef up their strength score later and don't want to buy a new MCB every time.
Also, with that house rule, you can use this feat and it's worthwhile taking it, as the archer can focus on beefing Dex and not Str. IMHO this is the best way, though I must admit, it is a tad munchkin-y.