The best explanation I could find was from a super old change log
Evasion is now more effective during ranged combat: x4 during the first ranged round, x3 during then 2nd, and x2 during the last.
Archery is different: it no longer affects being able to fire during round 2 of ranged combat. Instead, it affects the ability to use a bow during all rounds -- without archery you will have about 20% of the chance-to-hit that you would have with maxed-out archery. Interpolation between these extremes is linear. (That is, 20% of both DX and non-DX based chance.)
Bows (with maxed out archery) now have 90% base to-hit in the 3rd round of ranged combat, except the ELB which has 100% to-hit. Odds are still slightly lower in 1st and 2nd rounds.
Also this in a later change log:
ranged 4: 2 attacks @ range 4 penalties
ranged 3: 1 attack @ range 3 penalties
ranged 2: 1 attack @ range 2 penalties
NOW:
ranged 5: 1 attack @ range 4 penalties
ranged 4: 1 attack @ range 3 penalties
ranged 3: 1 attack @ range 2 penalties
ranged 2: 1 attack @ range 2 penalties
So I'm guessing there is some sort of penalty, though it's certainly not in the wiki anywhere that I can find.