Dan, mechanical advantage is just that; application of the formula(s) for the mechancial advantage of an inclined plane and that of a wedge; from basic physics. It's a ratio of how far a load is mover to the height it is lifted.
For example: For a straight tapered wedge 3" long (along one edge of the slope) and 1" wide (total width at the back), the MA is 3. If that same 3" long slope has to lift (spread) the load 2", then the MA drops to 1.5. In this over-simplified example, you can think of the 3 MA as reflecting a single blade BH 3" long, with a 1" cut width. The 1.5 MA would be the MA for a 4 blade BH 3" long, and with a total cut width of 2" (1"x1").
MA also reflects the ratio of the 'work' (as defined in physics) done with the force applied. A 3:1 MA implies that the application of "X" amout of force allows you to accomplish an amount ot 'work" equiling "3X". You multiply the force you have available by the MA to determine the total amount of work you can accomplish. That's about as simple an explination as I can think of at the moment.
There are other factors in BH design that are important too; resistance factors, such as ferrule profile, blade vents, and rough surfaces. However that should give you some idea what we're talking about.
If it helps, the MA for a 190 grain Grizzly is 2.75. For the Modified Grizzly (same length, but with the width narrowed from 1.125" to 1", and with the slope of the edge changed, is 3.25.
Anything above a true MA of 2.6 reflects a BH that is darned good at getting through all tissues. The 160 gr. STOS is just barely below 2.6 MA. Most BH's of the Eskimo or Magnus II class have MA's in the 1.8 to 1.9 range, and no multiblade available that has a MA anywhere near those. Some BH's with high blade MA lose a lot because of the ferrule profile, or other less-than-ideal design features.
In a nutshell, the higher you BH's MA, the more 'work' your arrow is capable of doing with whatever force it impacts with. Same arrow at the same force: use of a 3.0 MA BH allows it to acomplish twice as much work as one with a BH having a 1.5 MA.
Hope that helps a bit,
Ed
TGMM Family of the Bow