Great idea; I wonder though if the brief flight of the arrow can be powered efficiently with energy harvesting techniques. For instance, the company suggests that at 400 ft/sec launch speed the maximum range for the arrow is 95 yards. For more info see this paper: http://www.velocitip.com/Documents/IEEE_Sensors2011.pdf
Sounds to me like it is intended largely for arrow manufacturers where they can use the data to make improvements to their arrows. And since many archers make their own arrows that would apply to them as well where they can now make improvements "on-the-fly".
I wonder what kind of analysis is possible with this system? Is is just the 3 axis measurements and what if any zeroing/recalibration is possible before each flight? It would be nice to add sensors to the ends of the bow to fully monitor the bow/arrow performance - especially if there was some way to synchronize the multiple sensors data logs.