Kirk....I have a makita 8.5, and love it. I build furniture with it. I also rough out - hog off -lots of bow wood by freehanding it. You can also use it as a power rasp by drawing the stave back across the blade at an angle. These are not techniques I'd recommend, however, to the beginner or anyone that is not very familiar with these tools. I use the table saw more than I do my bandsaw.
If I had one power tool to use for building bows, and only one, it would be a 4 1/2 inch grinder, with sanding discs (minus the guard and rubber back). Once again, another dangerous tool, but extremely versatile for roughing out staves, working through twisted grain, and even fine tillering. Again, one should fully understand the bow building process using hand tools before ever going to power tools, I believe.
Also, before you all chastise me for being "dangerous" with my tools...I have been making a living with them for 30 years now, and I know what I'm doing. I'm also a musician and still have a full set of digits, something that keeps me honest while using this stuff.