Throwing weapons are far from useless and IMO balanced for an unmounted character. Here's a small list of advantages to them over bows, some of which have been stated before.
-You can have just one weapons slot with them where as with a bow you have to have a seperate slot for the bow.
-Once you use them up you move faster since they are no longer weighing you down. You have to lug that bow around for the rest of the battle however, even if the speed reduction isn't much.
-They're faster than bows.
-They can be used much more efficiently while backpeddling away from an angry mob.
-They can be used with a shield.
-You can switch to them very quickly in the heat of combat where as with a bow it seems to take longer to switch and get that first shot off, much longer than the speed difference should account for.
-If you're using the knives or daggers, two slots allow you to carry 32 projectiles where as the same two slots with a bow allow for a max of 28 arrows.
-Once you get your throwing skill up and aim for the head, they're usually 1 hit kills, just like bows. People seem to not realize this.
As far as using them mounted goes, I'll agree they're near worthless compared to a bow. But on foot, I'd take throwing daggers over a bow any day unless I'm playing a pure ranged class.
Trust me, it's not just you. It use to be that you could guide your throw even after you let off the button, for the last second aiming adjustments. You can't do that now. Which is why throwing weapons are worse than useless in .950 for anything other than looks. And they use to be my favorite weapons.
They still work perfectly if you play in first person. I've been playing exclusively in first person ever since about .7xx. It's just far more immersive. Negating the camera angle and projectile compensation bugs is just a nice side benefit.