According to my reading of Dr Ashby's reports, KE is not a predictor of arrow penetration / lethality. Other factors as mentioned above such as 2 blade broadhead, broadhead sharpness, single bevel broadheads, tuned arrow flight, arrow mass, arrow FOC, arrow shaft diameter to broadhead ferrule diameter ratio, etc. are better predictors of arrow penetration / lethality and therefore should be the focus of arrow building and selection for game.
From what I gather Dr. Ashy's reports can spark some heated debates but at least you've got someone trying to empirically quantify arrow lethality whether you agree/disagree with his methods. IMHO worth considering his findings regardless of which side of the fence you're on.