Like the Bow and Crossbow, the Compound Bow is able to fire Stone, Flame, and Tranq Arrows. However, the Compound Bow is the only bow able to fire Metal Arrows, making it highly effective at dealing with armored enemies.
The Compound Bow has 55 Durability, costing 0.1 Durability per use, for a total of 550 uses.
Many creatures will take increased damage if you shoot them in the head.
When firing anything other than Metal Arrows, the Compound Bow actually deals less damage than a Crossbow. Since Torpor gain from Tranq Arrows scales with damage, it is less efficient for taming as well.
Though the Compound Bow has less damage per shot than the Crossbow, arrows fired from the Compound Bow fly faster and further, as stated in the description.
The armor-piercing ability of Metal Arrows does not appear to negate some damage reductions, such as wild Rock Elementals.[1] A notable damage reduction it can negate is on Titans, making them able to deal 3.3x damage to them.
Unlike the Bow, the Compound Bow has an actual sight which is brought into focus by the Alt-Fire button. The sight is only marginally useful because the Compound Bow suffers from the same screen shake used for the Bow.
Players have to pull the arrow around 90% back way to get the maximum damage output. The actual maximum damage output requires players to shoot more rapidly and consume more arrows.
Trivia
Actual compound bows use pulleys to minimize holding force, allowing a fully-drawn bow to be held with a fraction of the potential release energy. The screen shake while holding the ARK compound bow taut is uncharacteristic of this mechanism and may be a design oversight or PVP balance issue.
Bow and 
Crossbow, the Compound Bow is able to fire 
Stone, 
Flame, and 
Tranq Arrows. However, the Compound Bow is the only bow able to fire 
Metal Arrows, making it highly effective at dealing with armored enemies.
Tek Bow.
ARK: Survival Evolved Changes
Melee
Ranged
Ammunition
Tools
Emplacements
Explosives
Traps
Spawnables