The difference being, of course, that the archer can put from 8-12 arrows in the air in a minute (depending on how well trained he is) compared to 3 shots per minute for the well-trained musketeer. If it were simply a matter or range or rate of fire, the choice would be easy...the bow wins every time on those categories over a smoothbore musket.
However, its not simply a matter of range or rate of fire. Muskets have other advantages over a short bow, and even over a long-bow.
1) Penetration. As other posters have mentioned, if bows reappear on the battlefield, so does armor. A short bow will not penetrate it, and a long-bow is chancey. On the flip side, of course, if everyone has to wear heavy armor, which is also quite expensive, the size of armies is limited as much, if not more, than the introduction of the longbow itself would have done.
2) Self-Defense. A Musket, once equipped with a bayonet, becomes a short pike. Musketeers can thus replace pikemen on the battlefield, eventually. Bows cannot perform the same function. As long as bows are being used in significant numbers, at least half your army will have to be pikemen, to protect them from cavalry.