All the rangers I've talked to all share the same opinion so far - fabled bow sucks. Crossbows are just a lot better compared to bows because of their 2x faster attack speed. This impacts ranger play in 2 important ways.
1. Volley - which is a great and important skill to generate mana for ranger. I have 2 points in it, and in boss fights, I will still use up my total mana pool in 1 minute. 1 minute using skills, drink pot, another 1 minute using skills, then I have 1 minute where I have no mp, and only limited to using skills with the mp from volley. This is fine as it is, I'm forced to find better skill rotation, or choice to conserve mp for better abilities or to deal as much damage as I can. But with bow firing only 1.25x/second, I would find myself 80% of the time out of mana.
2. Kiting - a big part of playing ranger is kiting. This is quite easy, though tiring, with crossbow. It'll just be unbearable with bow.
Currently, with fabled bow as the prize for doing ASV, I'm not even the least bit interested in doing the dungeon. Maybe for the 2 knives, they have great stats. But not the bow.