We don't know much about the new ranged formula, but looking at some of the upgrade prices, we may be able to conclude some things.
This was taken from the item meta-stats page:
Most expensive weapon at $860,435 is A Compound Bow [5x12] (+32)
And here are some weapons I picked out of the store and looked at the theoretical networth using the upgrade costs from the blacksmith.
A Long Bow [3x9] (+0) 40,724
A Long Bow [3x10] (+0) 72,572
A Long Bow [3x11] (+0) 129,207
A Long Bow [3x12] (+0) 229,921
A Long Bow [3x14] (+0) 727,503
A Staff Sling [2x8] (+4) 12,983
A Staff Sling [2x15] (+4) 675,396
Now, if the x enchantment to damage ratio here on Carnage2 resembled anything like it did from Carnage, the sling would be by far the deadliest range weapon out there.
Assuming that one of the most common weapons out there isn't the most powerful. We can argue that the 'x' enchantment:damage ratio isn't exponential.
Meaning the total 'base x enchant' damage would have to be linear, assuming the base is also linear.
Meh, I'll finish this later.
So far some possible theories on this question:
The base either has a negative power, making the new ranged formula exactly like the old formula, except better looking. (rather unlikely)
Ranged damage is directly proportional to strength, meaning weapons will probably dominate during the later game. (likely)
Or.. fill me in, I gotta do hw.