Most of my experience was with relatively short distances. It is almost impossible to hit a single target (like a deer) at those distances (at least for me). Whole ranks of soldiers would be a different matter. The big problem of getting any experience or practice at that distance is that you loose the arrows. I can say that as the distance increases, the authority of the arrow quickly goes from a quick solid cathunk into wisky, wobbly floaty thing. I imagine the arrows I was using were pretty light compared to historical arrows. They were also practice arrows without the heavy broad head.
Anyway, If you are trying to hit a huge target, say a 30 yard wide block of troops at extreme distances, I believe the difference between the Long bow and the Compound would not be much. If I was trying to hit an individual orc 40 yards away then I would take the compound bow every time.
Right now I am itching to get a bow and fire a few arrows.