These are essentially an alternate version of tier-one archers. Their accuracy and damage are equivalent. Being the only unit with armor piercing however, they are vastly superior against high-armor targets like heavy infantry or knights. Against low-armor targets however, they are basically shorter ranged bowmen with less shots.
Due to their niche role, the Masterwork perks are less useful than Aimed Shots, which works similar to Armor Piercing, increasing their ability to bypass some defense, but doing the same damage(or possibly less) against units with no armor.
Rain of Arrows and Swift Arrows may be used to help compensate for their shorter range, getting more shots off once they do enter it.