Well for me the main problem is this one: if you want to switch your weapon and use both daggers and bows, you'll have to spend points both in Dagger Mastery and Markmanship. Of course, having assassin as a primary prof would be useless (except for the runes) if you don't have points spent in Critical Strikes as well. And you may want to use skills from another attribute too.... Result: you can't max the important stats. Of course, you may use a low req bow (5-7 for ex), but then that won't be something used to inflict massive damages.
Please, note as well that the best defensive ranger skills (mainly the stances) are expertise skills (what's left? troll unguent?), and assa won't be able to use them.
One of the most popular A/R build atm is the "Critical Barrager" build. Basically, that's an assassin with max Critical Strike, 12 Markmanship, and barrage. The high level in CS adds extra damage to your attacks. However that won't be that much compared to a ranger with 16 Markmanship. Add something like Judge's Insight (especially against those damn skelies in FoW: I love my 200ish damage with a +20 skelislaying string and JI

- but even against other ennemies you'll still have the very nice 20% armor pen.) or if you're under no enchantment (which is useless in a B/P build with an order but very appreciable under other circumstances) something like Brutal Weapon (Rt skill) and you'll do more damage. And a ranger will still have expertise and won't run out of energy despite the fact that he doesnt use any normal attack and can spam interupts and such.
But maybe you'll prove me wrong and show me how great a A/R build can be. However, I doubt it will be the case if A keep trying to do a R job.
EDIT - Well actually it appears that the energy gained with critical hits is a fair compensation for not having expertise.