There are lots of opinions on the weight vs. speed debate, but here is my take.
An ethical hunter should practice, and know he can place the arrow where it needs to be to make a kill while excercising good shot selection. That said, the goal in arrow selction would be one that shoots accurately and penetrates through the animal when the above statement is met. Penetration is excellent, but there are no bonus points for burying your arrow 15" into the ground after it passes through your target. A pass through is a pass through. If you need an arrow that can shoot through a shoulder blade because you don't always shoot so good, go back to step 1. Penetration is not a good reason to take a bad shot.
Once you have an arrow that will shoot accurately and pass through a target (momentum and K/E calculations can help with this) with a good ethical shot, look for speed. Flat trajectory is down played a lot, and in many places maybe it isn't a factor. From my personal experience, the 3D course I practice at has a lot of hunting type shots. One in particular is 49 yards, and in the summer months when leaves filled in and branches start to droop you are pretty much shooting through a tunnel. With a little trial and error, I've figured out that a bow needs to shoot 280 to avoid the leaves and branches in that "tunnel" and make the shot. The areas I hunt are similarly thick, and shots have potential to be obstructed by both under and overbrush. I think its all about finding a balance between speed and penetration.