Hi,
Kyudo is, as stated, a less-than-martial expression of traditional Japanese archery. There are four main versions still in existance, the Heki Ryu and the Honda Ryu (on foot), and the Takeda Ryu and the Ogasawara Ryu (mounted - yabusame), taught in a number of branches. The Heki Ryu is probably the more common, and is characterised by being on foot, as well as having a more formal approach, whereas the Ogasawara Ryu and Takeda Ryu (primarily focussed on mounted archery, but including kyudo from the ground as well) take a more practical look at the art.
The object of kyudo is not perfect targeting, but the perfect draw and shot (I think this is where the comparrison to Iaido comes in - the perfection of an action rather than necessarily the destruction of an enemy). The entire action has a number of aspects to it, including : Ashibumi (footing), Dozukuri (placement of the body), Yugamae (the attitude of the bow, in three parts - the right hand [on the bow string], the left hand [on the bow itself], and the turning of the head), Uchikosi and Hikiwake (raising the bow, and drawing the bowstring back), Kai (the draw, again subdivided into 2 parts), Hanare (the release of the arrow), and Zanshin (awareness after the shot).
There are some inportant distinctions between Kyudo and Western Archery, if you have some experience in the latter, it's a good idea to be aware of these. To begin with, the most obvious. The bow. Unlike Western bows, even the giant English longbows (damn impressive things to try to use, if you get the chance!), the Japanese bow is constructed very differently. the overall length could be anywhere from 6 to 8 feet tall, and the handgrip is placed, not in the centre, but 1/3 of the way up from the base. This is unique amongst bows, and allows a great deal of power to be stored in the bow, without requiring the kind of draw strength a typical longbow would.
Next is the grip itself. As opposed to Western archery, where you pull back with the fingers of your draw-hand, the Japanese bow is drawn back with your thumb (hence the Yugake (glove) having a toughened section on the thumb pad. This allows the next major difference, which gives the Japanese bow it's accuracy. A Western full draw has the drawstring brought back to beside the archers ear, meaning that the sight of the arrow is across the archers body slightly (off-centre). In kyudo, a full draw begins above your head, and the drawn bow forms a full circle back past your own head, allowing the arrow to be in perfect line with your target.
For that reason, though, the method of selecting the correct sized arrows is also a little different, and highly personalised. For Western archery, you have set lengths of arrows, however for kyudo, you select your arrows based on your own personal body measurements. To find your proper size arrow, measure from your shoulder down to the tips of your fingers, then add 10-15 cm (4-6 inches). When released, the bowstring doesn't impact the inner forearm as it does in Western archery, either. It should actually spin around to hit against the back of your forearm, which indicates a proper grip (not too firm, nor too loose... it has been compared to holding a small bird, not too hard so you injure or kill it, nor so loose that it gets away. Takes a fair bit of practice...).
When first starting, you will not get a bow, let alone an arrow for a while, though. The most common way to start is with a piece of elastic, which you use to get the proper form for the full draw as described above. Then, after it has been determined that you have the necessary skill, you are given a bow with "practice", blunted arrows, and you may be allowed to shoot into a target (about 6 feet away). As you progress, you will eventually get real arrows, and a disant target. And, if Yabusame is taught, the opportunity to experience that as well.
As said, authentic kyudo is rare outside of Japan, if you have the opportunity to experience it, I personally would not want to let it get past me! Hope that wasn't too much info there...