After minimal testing it appears as though both archery and marksmanship are correctly following the new TP formula.
Ebow w/ Scorpion arrows yielding 148 TP
Annihilator w/ Silver Bullets yields 166 TP
Are we still just as wanted in the endgame instances as before the nerf?
The immediate answer is no, it's not a great change and most ppl are pretty quick to give up on something. I expect some adjustments to the system in the near future to aid them a bit in maybe the acc department or maybe not such harsh penalties. They are still going to be effective in some endgame stuff, but it's not like they were the king of endgame or something before. They were used in certain fights and basically nonexistent in others, it really depends on the group you play with and the content you do on a large scale. Every non support job is this way, even black mage us nearly useless in some content.
All in all, if you like ranger, level it. If you dont like the playstyle, dont. Having more than 1 job for endgame is much more important than being a really strong job but 1 trick pony