dtgreene: … With respect to bow + melee weapon:
* You can't switch weapons during combat. (That might be why they added the dual weapon system.)
…
scientiae: IIRC it is perfectly acceptable to change weapons during combat on the PC version, it just takes a turn to do so, thus effectively missing a turn.
I find that I never do that, unless I want to use the Halberd for whatever reason; I would rather just use the turn to do a bit of extra damage, which also saves having to switch back to a ranged weapon later.
In general, ranged weapons really give too much of an advantage over melee in Ultima 3-5; when battles start with the party a ways away from the enemies and you can only move one square per turn (and only if you do nothing else), it just doesn't make sense to go melee unless forced to (like in U3's final area).
Also, once I get the Magic Wand, there isn't a point to go melee; in computer versions, the Wand has power 160 (210 with maxed STR), while the Mystic Sword, the only melee weapon that's stronger, only has 255 (which is the cap; STR won't help here).
The NES version did try to make melee combat more useful:
* Melee weapons are now stronger than ranged weapons; the +2 Sword is now stronger than the Wand, for example.
* As I mentioned, you can equip both a melee weapon and a bow, so switching to melee doesn't use a turn. (This also means there's an interesting trade-off for the Magic Axe/Wand; if you have a stronger melee weapon available, using one of these weapons effectively means sacrificing some melee damage for ranged.)
* The player's melee attacks always hit, but ranged attacks can miss. (Unlike in other versions, however, misses aren't *that* common, and miss streaks are impossible due to the way the game handles accuracy (which, interestingly, does not use the RNG).)
* Sometimes, a random overworld battle will start with each party member near enemies, making it much more likely for melee combat to occur. (This is one reason that everyone should have *some* melee weapon, even if it's just a club; being in melee with only a bow doesn't work so well (you can't use bows in melee on NES).)
* The Reflect spell exists, and is used by some enemies (Mages, Demons, Balrons I believe).
On the other hand, on the NES version, ranged attacks can hit anywhere, including through walls; unfortunately this does reduce the strategy as walls can no longer be used for cover. (In the SMS system, which is more faithful to the original, you can target any enemy with your attacks, but you can't fire through walls or other enemies; interestingly enough, Slings (but not other ranged weapons) have limited range in that version.)
By the way, in all (to my knowledge) versions, Magic Axe > Magic Bow even though the axe is cheaper.