It's a good combo. Ice wind blade hits harder than ice blade and has a cool down that can be filled with fireball etc. The P/m can dps, but it's not a kiting class like the P/s. Lightning and silence is a big help too.
Same as Tenscales, I typically use M/p for dailies etc, decent dps with good survivability.
Either played with scout secondary will hit harder because of the extra stat spaces afforded by the bow. Ice blade doesn't hit as hard as ice wind, or flame, it just hits a lot faster, which makes the P/s a one trick pony.
M/s gets the elite that gives magic damage to shot, nice, but without a fast bow the DPS is lower than using other attacks
For siege, P/s is best, for instance runs and questing M/? is better. From experimenting the M/p magic buff makes up a lot of the damage lost when you can't equip the bow, DPS is close unless you have the fire spirit and crossflow going.