If you don't hit bone, it shouldn't matter much at all because the arrow isn't going to flex much at all on impact with muscle/hide/lung.
If you hit bone the arrow will decelerate very rapidly, this will cause flexing of the shaft. The more of the arrow's mass is on the impacting end, the less the shaft flexes all other things being equal (dynamic spine, arrow mass, speed etc.)
In other words, an arrow with 0% FOC acts equally stiff during acceleration and deceleration (assumign the rate of acceleration and deceleration is the same). An arrow with very high FOC acts fairly weak in spine when being shot from teh bow, and very stiff when decelerating on impact.
I wouldn't imagine that this really matters that much, but what the hell do I know ... I certainly haven't been spending my free time shooting through buffalo ribs. Apparently at least one guy has and says it matters.