The advatage of Blue Collectors weapons (not just bows) is that these are so cheap to get and modify for cheap that you can "customize" them and have an added +20% bonus to damage that people that are using "gold" item weapons do not or might not have (because they might want to sell it later). You can't sell a customized weapon to another player, but, you can continue to modify it.
So, in essence you are "stronger" with a blue collectors weapon than gold weapon users if they don't customize them and you do customize your own. I do everyone of my collector weapons and I kick butt in the arenas.
20% bonus where someone else does not have it makes a BIG difference on say your 15-28 bow, that's another 3 dam to 6 dam (this is like having strength of honor smite enchantment always to me) more than your opponent using the same damage 15-28 "PRETTY" bow that is gold that is not customized. I'll go with stats everytime over vanity.
Ascalon bows are great, they have near the best range and near the best speed. Flatbow being the exception.
I'd really like to see them bring in 2 handed axes and swords and give them different speeds as well, hammers and cleavers gets boring. And I'd like to see some morning stars and maces added to the weapons and new skills for them. And Pikes and Spears and and.... lol Not enough weapons in this game for diversity and varietys sake.