Yes, the extra penetration is a result of reduced shaft-flex at impact and during penetration.
The Prologue to the 2007 Updates gives a more complete explination of the 'why and how' Extreme FOC arrows achieve this reducion in shaft flex, and resultant shaft-drag. However, there also is a bit more to understanding how important a penetration factor Extreme FOC is, and how to achieving the most from its conserved energy (and, yes, energy applies here).
Less shaft-flex means conserved arrow-energy, which also means more retained arrow force (momentum).
The more efficientently your entire arrow setup is able to use (apply) the conserved energy and arrow force (momentum), the longer the TIME fator of the arrow's IMPULSE OF FORCE will be.
Against any given tissue resistance, it is the IMPULSE OF FORCE that determines the final amount of penetration.
The formula for the impulse of force is the net arrow force (momentum) applied during penetration MULTIPLIED by the the time period that the force is applied.
Since the ADDITIONAL impulse (and resulting extra penetration) that results from less shaft flex is a PRODUCT derived from MULTIPLYING the conserved force (the 'extra retained momentum') by the ENTIRE time period of the impulse, the penetration increase will be a far greater than suggested solely by the amount of reduced-resistance (or retained arrow force) that results from reducing the shaft flex and drag.
On all except a total abrupt-stop impact, the extra retained momentum also extends the TIME FACTOR of the impulse of force. This further contributes a geometrical increase to the arrow's resulting penetration.
Extreme FOC's total penetration increase is IN FACT far greater than the SUM of the force saved and the increase in the time of impulse; it is the product of them. Each MATHEMATICALLY MULTIPLIES the other to derive the outcome penetration. Understanding this is the key requirement to understanding arrow penetration; and knowing how your arrow's setup impacts its termianl performance.
The Part 4 2007 Update will have penetration results from two sets of arrows as precisely matching in all dimensions except FOC as I could achieve - including flawless flight - from a 54# straight-end longbow. They are as startling as those John relates above - perhaps even more so.
There will also be a comparison of penetration results from this 54# bow's Extreme FOC arrows and 'normal and high' FOC arrows from both the 70# and 82# longbows used in testing. Only 'comparable shot' data is used; for shot range, shooting angle, impact angle and location, and animal size. For these 'matching shots', comparison is made against 'all single blade' broadheads and those with the same BH as the lighter bow's Extreme FOC arrows. There will also be a comparison of Extreme FOC arrows from each of the three bows.
It's fascinating stuff and, bottom line, Extreme FOC makes a very, very significant contribution to arrow penetration when everything else about the arrows matches exactly. Exactly how much difference does it make? You'll have to read Part 4 and 5 Updates!
Ed