I personally find the jesters bow to only be powerful on enemies that are lower lvl and do not have high armor. The speed of jesters makes it higher dps, but the low damage (1-1) does not let you punch thru high armor. Also the jester has a low crit %, wich reduces instant kills from massive crits.
My arch uses Vulcan bow or poisonous long bow. They have about the same dps, but the newer poisonous long bow hits a little harder, has more bonus damage, and vicious 1 for finishing off the mob.
As stated on another post, not only dps matters. Dps does not take into account any armor or resists that mobs may or may not have. Harder hitting weapons with slower speeds can actually have better dps on high AC mobs or high resist mobs. Also remember that bonus damage, if used on the wrong mob, will actually heal the mob not hurt it. IE: bonus fire damage on a weapon used on fire imps will do normal damage to the im0, but the bonus fire damage will heal the imp for that amount.
Therefore in the case of my archer, I have 4 bows and 3 light melee weapons in storage, or equipped, for use in different areas.