Maelstrom,
You are more likely to miss at longer range due to inaccuracy and target movement, but the power of the projectile is a constant over the entire pathlength. I don't know how the increased/decreased effectiveness of archers firing from higher/lower ground respectively is implemented. I suspect it's a change to the accuracy parameter.
This constant power modelling is a major problem with guns. You can't make the guns have the really high effectiveness they should have at close range without making them too effective at long range.
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