There is no "global" target.
On one end of the spectrum: with a perfect shot you need enough momentum to push through the soft-tissue a deer. That's not very much ... 45 lbs recurve with wooden arrows.
On the other end: a terrible shot where you need to blow through the ribs and shoulder of an African Cape Buffalo. 100lbs @ 20 yards with 1200gr.
The question is, what are you shooting? A moose-arrow is (probably) not the same arrow you're going to use on the open plains for antelope. Or pigs. Though it might be. No reason you couldn't shoot a 700 gr arrow at a speed-goat ... if you can get close enough.
On the open range, maybe speed matters. Maybe you don't want a 0.9 second flight time at 60 yards. (180ft / 200 fps) Maybe you're okay with it. Maybe you think "antelope are pretty small, with a lighter bone-structure ... I want to go to 300fps so the flight-time is only 0.6 seconds (180ft / 300 fps).
You hit the goat on a good shot with a lighter 300fps arrow it'll go down.
Marginal shot with a lighter arrow, less momentum, on a bone hit? *shrug* It depends.
You hit it with 1000 grains and you'll probably knock it straight off it's feet and obliterate whatever bone(s) you just hit.
For me, personally? Well, I just got a new rig and built some new arrows. Haven't even shot them yet. I used to have 414gr arrows out of an older mid-90s bow but never hunted.
I now have a Nitrium LD (32" draw) with 80lb limbs (turned down a touch, I cannot quite pull 80 yet ... =D) The arrows I built are 30" Kinetic Kaos .200 with 75gr HIT inserts. Total arrow weight, without head, is 458 grains. Since I have such a long draw and high poundage I have to run super-stiff arrows anyways, but that also gives me the flexibility to run widely varied tips. I can run 130gr for a finished weight of 588 grains. I also have some 2-blade 300gr heads (Tuffhead 225 + 75gr screwsert) to get up to 758.
I haven't shot them yet, and won't even get a chance to until mid-next week. It will be interesting to chrono them for real, but similar arrows (777 gr) out of other recent bows (shorter draw length, less weight) are still in the 220 fps on the chrono. I'm hoping to be in the 280 range with the lighter heads and 250s with the heavier ones, but my setup is a bit on the extreme end due to my size.
TL;DR: Don't worry about what anyone else is using. Figure out what your own goals are and play around with the online calculators.
Do you have a rangefinder? That makes a difference.
Do you hunt open country or dense woods with lots of branches? That makes a difference.
Are you hunting blacktail or pigs or elk or moose or cape buffalo .. or rabbit? That makes a difference.
This article is a couple of years old now:
"In most cases a well-placed arrow of any weight will get the job done, but when things go wrong and your arrow misses it’s mark by a few inches, that’s when arrow weight shows it’s true importance. So for this reason, I always shoot the heaviest arrow I can and still achieve a speed of 280 fps.
With my current bow and arrow set up, I am able to produce of speed of 286 FPS with an arrow weight of 488 grains. If you use the calculation for kinetic energy (Arrow weight x Velocity squared, divided by 450240), this combination gives me 89 foot-pounds of kinetic energy, a lethal combination for any North American animal." -Aron Snyder:
http://www.rokslide.com/2012-01-09-05-12-00/archery/139-arrow-weight-setups
He's also stated "I like seeing an animal with a shock wave like it got hit with a 50 cal BMG." Though he usually runs a > 80 lb bow. So, more grains of salt on setups/rigs/target-numbers.
More recently he's been running 529gr arrows.
This is an excellent podcast series (highly recommended) and this episode is where they cover some gear and setups.
http://www.grittybowmen.com/gritty-podcasts-blog/2015/8/9/episode-23-do-you-even-shoot-bro
Find the FPS you're happiest with as a minimum. Then figure out how to build the heaviest, highest FOC arrow you can at that speed. You'll hit bow limits, your limits, physics limits, etc.
But in the end, a good shot is a good shot and the extra momentum is insurance or for much larger, tougher game. Or if you like to see things fall over like they were just hit by a .50 BMG.
-mox