You got a Cliff's notes version of that?
Cliff notes:
While KE is important, the resistance of impact at higher speed causes penetration to suffer. In short, reduction in impact resistance is very important. Momentum is speed with direction. This alone can be increased without an increase in speed by ensuring 'straight' arrow flight. Minimizing fishtailing, etc. Striaghter flight reduces impact resistance.
Notable quotes from the article:
'Let us now assume an arrow weighing 700 grains for the slower bow (150 fps is easily achievable with that weight arrow and a ‘traditional’ bow) and a 390 grain arrow for the faster bow (the advertised velocity rating for one of the newest compound bows on the market, using that weight arrow). The slower arrow has 0.466 slug feet per second of disposable net force. The faster arrow has 0.519 slug feet per second.
Lets also assume these two arrows are of same materials, have equal physical external dimensions (easily achievable), and both have perfect flight characteristics. The tissue’s resistance increase is totally dependant upon the velocity of the arrow.
The lighter arrow has 10.22 percent more disposable net force (and 123.2 percent more kinetic energy) than the heavier arrow but, because of its higher velocity, it is met by four times the resistance to penetration. Which arrow will penetrate further in real tissues? Empirical evidence from the outcome studies provides an overwhelmingly definitive answer. Both the frequency and degree to which the heavier, slower, arrow out-penetrates the lighter one is of such a magnitude that it must be viewed as the norm.'
'Given two arrows, identical in shaft and broadhead materials and profile, and having EQUAL momentum, but possessing UNEQUAL mass, the arrow deriving the greater portion of its momentum from its mass will penetrate better. The Laws of Physics requires this to be true, and ALL of my field test data validates this to be the case.'
"An arrow’s momentum is also a part of the arrow’s kinetic energy - the only part that relates to its ability to penetrate. Some of an arrow’s kinetic energy is dissipated as other forms of energy during flight and on impact. Even the ‘sound’ of a hit is derived from the arrow’s kinetic energy.
As shown above, the Laws of Physics dictates that momentum, and not kinetic energy, is the correct unit of measure to quantify the linear (straight line) "potential disposable net force" that is available to an arrow. Momentum determines THE AMOUNT OF FORCE which an arrow has available to it for penetration.'
'Kinetic energy is NOT the correct unit of measure for calculating ANY of the forces relevant to penetration. It is applicable for calculating neither the force of a moving object; the disposable net force at impact; the net force at exit; net force consumed during penetration; the applied impulse; nor the resistance impulse force affecting penetration.'