Correct. Turbine has led us to believe that issues with ranged ROA is due to the physics engine of the game and the extra lag that following the physical pathing of the arrow to its target. Also in there is the issue that decent players with a bow can infinately kite mobs till they die.
If it was up to me ranged ROA would be equal to melee attack speed, for all classes and before applying any feats. The Rapid shot feat would allow for a player to make an extra attack during a sequence, thus raising the ROA by 1 shot for each sequence and applying a -2 attack penalty while it was active (rapid shot would have to be a toggle feat). Manyshot would be a toggle feat that allowed the ranger to make an attack that fires the correct number of arrows per BAB on each shot while applying the corresponding penalty to those shots, the kicker would be that it slows your ROA to 1 attack per sequence. Also composite bows should have the feat bow strength applied to them so that any user can apply their str to the damage portion of the attack. Bow Str should be left as a ranger feat to reflect the pnp theme of the ranged ranger.
Lets say for ease of number crunching that a player at BAB can get off 100 attacks in a minute through melee. This comes to 20 attack sequences of 5 attacks each. A player using ranged combat and no additional feats would also get 100 attacks over a minute. Using rapid shot that ranged combat used would see 120 attacks in the same minute but at a penalty of -2. If you didnt take SOTR and moved around during that time, like many ranged combat users do, the penalty would be -6 for each shot. A player that uses manyshot full time during that sequence would see 80 attacks during that minute all at -8 to hit. If they also applied rapid shot you would see 100 attacks at -10 to hit. If you also happened to move and didnt have SOTR the total penalty would be -14 to hit.
Setting the world as such adds balance because a ranged combat user would be more likely to pick up SOTR to eliminate the penalties associated with infinate kiteing or might have to make a choice about when to use particular feats. In pnp manyshot is great for taking out large, high hp, but low ac creatures. The penalties may have to be adjusted based on the relative values of AC in the game as we don't see many mobs with low AC and high hp, they tend to be high on both.
Also this isn't ranger love this is love for all classes equally because any class can and should benafit from pulling out a ranged weapon when the situation calls for it.