I don't think this one has been brought up so I'll just make mention of it. In addition to possible weight encumbrance, AoO (both against others and against the archer himself), disposable ammunition, arrow tallying and DR considerations (only the arrow's enchantment can break DR- even DR silver- not the Bow's enchantment), there is the problem of firing into melee which makes rapid shot more likely to hit one's own allies. Hence, the necessity of Precise Shot. Precision is not needed at all for melee types unless they are attacking grappled or bull rushed opponents or are blindly targeting hex squares due to spells like obscuring mist. So I argue you really need 3 feats rather than two (much like how Quickdraw is much more helpful for a dual wielder than most players think)
There is also a bit of an exaggerated opinion of Point Blank Shot. Better than ambidexterity (if we are continuing with the TWF analogy)? Sure, it's _hard_ to make ambidexterity as a stand alone feat very sexy. {PC Duelist: "There is one thing you should know. And that is . . . (switches to onhand) that I am not right handed"} but an archer that is getting to stack his PBS with RS is probably in serious trouble very soon as his melee opponent will be skewering him if not taken down ASAP.
With regards to damage, the medium sized archer is doing 2d8 + strength (up to +4) + enhancement/ability + PBS or Weapon Spec + various class abilities (favored enemy, sneak attack) if hitting on both shots. Purty nice BUT quite a bit of extra damage requires the target to be within 30' (and therefore within retaliatory distance and AoO time) as well as the Mighty +4 Strength limit on the Mighty bow. After that you are either in house ruled territory or you are using some sort of magic ability or magic artifact. So at low (the expense to get a mighty weapon) & high levels, you are spending money that your melee counterpart isn't just to add your full strength to damage (and as, a cheesy aside, the archer is technically using a two handed weapon and not getting x1.5 strength damage)
Finally, there are only so many archery feats. A melee fighter can't take all melee feats, he'll just switch feat chains. There are only so many options available to the archer.
So is archery more powerful? It sure can be. Maybe it even has a slight edge circumstantially. But it still is primarily the domain of the fighter class and the fighter class is supposed to deal tons o' damage by careful combinations of feats. But Is archery unbalanced? My opinion is cleary a no, but it is just an opinion.
corrected a little unclear language