7 Sylvan archers (1-week growth) shoot at emerald dragons, dealing 41-46 damage (without enhanced arrow, 27-30)
7 master archers shoot at emerald dragons, dealing 16-26 damage (32-52 at medium range)
Damage of Sylvan archers: 43.5 * 0.7 (damage was nerfed by 30%) * 1.6 (from full range) = 49
So, these numbers are for shooting at a creature with a fairly high base defense; the difference will be smaller for weaker creatures. And master archers also have a stun... With these parameters, they clearly look better. On the other hand, if the enemy hero has high defense, Sylvan archers are still effective, so perhaps the balance lies here. Against neutrals, master archers; against the enemy, Sylvan archers. However, there's also the fact that not all factions invest in defense, so again...
In any case, it's worth trying.