First, its rather foolish not to have a shield as backup. Unless you're ONLY fighting dark knights or feel like changing your equipment for each battle. So realistically, you're going to only have 1 bag of arrows, vs the possibility to have 2 bags of throwing axes. Now true, the arrows deal a little more damage in total, but what you're forgetting is you can use a shield with the throwing axes. AND they fire faster, by nearly double the speed (the speed rating is missleading). Plus, unless they're wearing plate the throwing axes almost always kill in 1 hit, where as arrows very frequently take two. So even though those 27 arrows deal more damage in toal than 16 throwing axes, they can't kill as many units. And again, please stop saying that piercing halves the armor values, because it is far more random than that. Sometimes it may, but other times it doesn't, so your figures only account for the absolute best case scenario. If the game were player vs player, throwing axes would own archers. You could just block arrows easily while at distance with your shield, then once you closed the range the archer is dead since he can't fire as fast. Plus, bows have crappy accuracy while moving, whereas throwing weapons maintain decent accuracy while running.