What did manyshot ever do to you, leave manyshot alone!!
That being said, I do not believe manyshot is the main problem with ranged combat.
Here are my suggestions on improving ranged combat.
1. Give Ranged combatants certain tactic attacks, such as called shots for legs to decrease movement speed, or the ability to shoot arrows in the air and hit multiple targets.
2. Introduce more named arrows to the game, there are what 2 different named arrows in the game, +5 Screaming Amethyst Arrows, and Shards of Light, Amethyst being 50% returning and shards being 75% returning, and neither being end game arrows. I believe its due time we had a 100% returning raid quality arrow, or perhaps a quiver that summons raid quality arrows. I'm not saying we need lightning II arrows to go with our silver Epic Thornlords, but some sort of arrow that you don't have to be an arcane archer to use would be nice.
3. Allow bow strength to come on randomly generated bows, it should be a prefix, so you can get a Mighty Longbow of Precision for those of us who are not rangers.
4. Add blunt and slashing arrows to the game. Archers used to be able to bypass bludgeoning/slashing damage reductions with Transmuting, but since that was changed to Metalline, they cannot any longer.
5. Increase ranged RoF, honestly I can say that I would prefer the old inability to reload ammo while moving over the current attack speed, kiting isn't a good option when not soloing anyway. Perhaps add a stance that if you are standing still it increases your RoF, but if you move it turns off and gets a lengthy cooldown.
6. Add a merchant in game (not in the ddo store) that sells +1 elemental arrows, and +1 aligned arrows. I don't care if these are bursting or not, and I don't care if they are Holy or Pure Good, but these are long overdue. The flame arrow exists yes, but it cannot create arrows of acid, frost, shocking, holy/pure good, axiomatic/true law, or anarchic/true chaos. These can come in 50% returning and non-returning forms.
I'm sure there's more, but that's all I have for now.