Splitting Arrows sends a volley of arrows out in an arc (with a larger angle at higher levels), so at point blank range most or all can hit a single target. When I learned Splitting Arrows I could do so up to level 5, which was a one hit kill for common opponents at close range, and very helpful against bosses (even without WotR).
Individual arrows don't seek very much (if at all), but the skill can still be useful against groups at longer distances, especially combined with WotR (most of the arrows may miss, but you can still take out 2 or 3 weaker opponents at a time).
