Stratics says
http://uo2.stratics.com/skill-guides/skills-and-professions/throwing "
Close Quarters Combat: Being too close to a target would normally cause ineffective throws. However, a player’s dexterity and throwing skill equal to Grandmaster or higher can compensate for the hit chance penalty."
Now, "can compensate" means exactly what ? Nullify the penalty ? Reduce the penalty ? Reduce how much ?
And, that's for a Grandmaster Thrower, what about a Legendary Thrower ?
Shouldn't we get perhaps some more details about how this skill really works ?
Also, I find it almost impossible with a moving target to always be able to keep the same "perfect" throwing range to avoid Underthrowing (Hit Chance penalty of 12%) and Overthrowing (47% damage reduction)..... that is why, I suspect, players tend to think that Archery is a better ranged skill then throwing because its damage is more consistent and less variable....
In the end, in between the over and under throwing penalties, with a moving target one ends up with probably overall less damage then using archery....