Thomas Foo put on his green tights and feathered hat, grabbed a real bow, attached a Wiimote to it, and made it all work together thanks to the ingenious use of some rubber bands and a switch. He named it the Virtual Archery Bow and, not happy with the hack, he created a full game for it. It's called Trajectory, and it looks pretty good:
As you can see, the whole thing is designed for long-distance range bow shooting simulation, although you can use it with any other game, like Zelda.
The only bad thing: it doesn't seem to support acceleration for now, so releasing the rubberbands only triggers the fire button. Still, it definitely looks better than the ghetto Wii driving wheel.