getstonedprimitivebowhunt has it about right for hunting.
I've played with bullet drop for years and years. Plus I've moved that info over to archery.
Here's the thing. If a deer is at 20 yards and you miscalculate plus/minus 2 yards, your deer is still dead. If a deer is at 40 yards and you miscalculate by plus/minus 2 yards, you have a wounded deer that won't be recovered. The reason is because of the tremendous amount of arrow drop at those distances with most all traditional archery equipment.
In addition, just because elk has twice the size kill zone as a whitetail doesn't mean you can shoot him at twice the distance. Same reason.
So, it seems that, when hunting, hunting skill should take over from target shooting skill and rule how you approach the task at hand.