Archer and Sneak was my previous (or current, really) character and I think it works brilliantly! The amount of damage you can do is staggering and you can kill swarms of enemies without them even noticing you when your Sneak skill is high enough!
The one weakness is general fortitude in close combat and spellcasting abilities, but I did well in close combat as well since I always had two sets of rings and other jewelry on me; one for sneak and ranged and one for close combat with Shield, Damage Reflection etc.
If you know your way around the game you can build a very powerful Archer/Sneak character and it is easy (or at least possible) to achieve 100% and more of Damage Reflection and Spell Absorb and Reflect, all at the same time.







