Monks get their extra AC bonus, the monk speed and also their special monk attacks (which in practice can as well be classified as "spells"). The only archers which are competive with others are those with AA levels.
Having a cleric with Zen Archery, it's about as good as one can be as an archer without AA levels. Alleina has one of the best bows in game (+4 AB and +4 mighty) and as a cleric, access to the best AB and damage increasing spells in game (self buffs only, though). With everything cast, she do have a very impressive AB for her level... But the damage can simply not keep up compared to melee (missing GMW, darkfire and acid enchantment damage is really noticeable). And this is even discarding the fact of losing a full 7 points in AC by not using a shield...
However one twists and turns, ranged characters are weaker than others. But then, they do take a smaller risk also, if they are able to stay way back from the frontline and avoid pulling agro...