Bows also have a 'shot speed' rating which affects the ballistic curve the arrows take and thus their range, too. This doesn't directly effect accuracy, but it's easier to aim with bows that have their arrows fly straight. Generally, long bows have a higher shot speed than short bows.
Also, bow proficiency is reduced at night.

The best bows are the elven bows (duh) and those you get as a reward. For the evil side, there's not really 'one' best bow.

Thanks for the reply! And I always thought the speed value was that of the draw speed, I never knew it was the arrow speed haha. So I'm guessing that the elven reward bow is probably the best so that's what I'll try to get :)

Oh, the 'speed' rating that you see determines how fast you draw arrows and (I'm not sure) maybe also how quick the crosshair closes.
The 'shot speed' value is invisible. But it's quite noticeable when using the different bows.

Good Side:
on Foot: Galadhrim Bow (every Elf Faction)
on Horseback: Strong Bow (Rohan) or better the Lothrorien Reward: Noldorin Bow

Evil Side:
Corsair Bow 21p (Umbar) or Nomad Bow 30c (Rhun)

Originally posted by krampe:

Good Side:
on Foot: Galadhrim Bow (every Elf Faction)
on Horseback: Strong Bow (Rohan) or better the Lothrorien Reward: Noldorin Bow

Evil Side:
Corsair Bow 21p (Umbar) or Nomad Bow 30c (Rhun)

On foot, the best garanteed bow for the good side is Bard's bow which you get as a reward from Dale. Theoretically, a masterwork Galadhrim bow would be even better (more damage from Power Draw) but I have yet to find one.

For the evil side, on foot, the best bow is the masterwork Eagle Guard bow you can get as a reward from Harad. On horseback, you can use a Corsair bow, or if you value accuracy over piercing damage, a simple 'bow' from the corsair blacksmith. If you lucky out and get a masterwork one, it does 32c damage, and of course, you can add the +11 poison arrows to that.

The last time I played Dark, the blacksmith in the conquered Cair Andros was selling captured equipment, and you could get some bаdаss Gondor bows, but i think that was a glitch.

The problem with the Dark bows is that for some unfathomable reason, none of their bows have Power Draw. This makes no sense, but it's the way it is.