From personal experience, archers are a bit too good, but rapid shot is only part of the problem.
Playing in CotSQ, we have an archer and a TWF melee monster (literaly). The archer (a cleric) deals about the same damage as TWF character (a dragon-kin). The TWF dies on a regular basis because he is melee, but the archer is fine.
Rapid shot is amazing because of the rules behind stacking bonuses on bows. I think, if archers didn't have more bonuses than melee, the -2 would hurt a lot more. The monk flurry of blows is the worse of the three because of the sub-optimal BAB of the monk.
Playing in CotSQ, we have an archer and a TWF melee monster (literaly). The archer (a cleric) deals about the same damage as TWF character (a dragon-kin). The TWF dies on a regular basis because he is melee, but the archer is fine.
Rapid shot is amazing because of the rules behind stacking bonuses on bows. I think, if archers didn't have more bonuses than melee, the -2 would hurt a lot more. The monk flurry of blows is the worse of the three because of the sub-optimal BAB of the monk.