Im also afraid that there will be many aspects and mechanisms,which will allow players to throw all medieval realism down the drain and cheese their way through.
Like bow shooting, as I already said, you can exploit poor AI and just shoot everyone down by backpedaling or standing on hill. Enemies still slowly approach you, till they die, instead of using shields, charge or run away.
Some said that you can easy become millionaire by taking part in arena and getting 500g for every win or something like that, which could make obsolete all this medieval harsh world.
And what with every other NPC wearing heavy armor and weapons? As far as I know in that time period armor, weapons and horse were really expensive and mostly obtainable only by rich nobles. Here you can meet lone heavy armored NPC just walking the woods, kill him and sell all his armor thus again making tons of money out of nowhere!
And probably there will be more of things like that which will slip through game production :-(