Momentum is the name of the game.
My "heavy, slow arrow" KE is not that impressive compared to the "light and fast" arrow guys. But my momentum (and penetrative abilities) blow the light arrow crowd out of the water.
In the era of the modern laser rangefinder, I dont see a need to strive (especially at the expense of arrow weight) for ultra flat trajectory. Sure, flat shooting is great, and ill take it if I can get it, but not at a dramatic expense to arrow weight.
Ive also tested the skinny vs. outsert sized shafts. Many think the extra penetration they gain with the skinny shafts is due to less friction due to the skinnier shaft. I dont believe this. (Friction on the shaft in a live target is negligible, muscle and tissue is under tension in a live animal, when you cut it, it recoils back, also, you have a lot of fluid in the body with lubrication properties). I firmly believe the added penetration of the skinny shafts comes from their weight. Compare like spined shafts, and the skinny shafts are thicker walled and heavier, anywhere from .7-1.2 gpi's heavier than their standard diameter brethren. Its the weight, not the diameter.