Once bow useers get to the 6+/1+ mark and have Rapid shot on top of that, ranged combat gets really dangerous. It still doesn't do nearly the damage that hand to hand can manage, but because you can effectively sneak attack at range too, this makes ranged ambushes from multiple shots very deadly.
Yes, quite correct. Note however that using Rapid Shot gives you a -2 penalty on all those attacks. This actually makes Rapid Shot the most cost-effective at lower levels (one extra attack isn't as big of a deal if you have three attacks to begin with, but the penalties can hurt a bit). Still, a nice feat to have around for when you really want to cover the sky with arrows.
Have fun with your nomad, just remember to keep a spare quiver of arrows.