This topic is ageless and will NEVER be resolved because there are too many components that affect the arguement. And we are all too opinionated to be adequately objective, are we not? But, here's one question that might put an interesting (and maybe even compelling) twist on the issue.
At what bow weight, or arrow weight, or shot distance, or (fill in the blank) would you be willing to try and kill a game animal if the CONSEQUENCE of wounding that animal meant that something you hold in high PERSONAL esteem would be harmed in a SIMILAR way? For example, what if every time you stuck a deer through the guts a similar wound would be caused on, say, your favorite family pet. An arrow through the guts of that affectionate critter that meets you at the door every day. A serious, painful, slow and agonizing death. If failure to execute your shot of choice with an 'on the edge' approach brought this result, would you STILL be as likely to take the RISK involved in such a horrible consequence? Would you still be willing to DEFEND the 'it's all up to each of us to decide' kind of approach, with Fido (like the deer) laying out back and suffering through the consequences of YOUR actions and choices? Would you be willing to roll the dice for that shot under odds that, even if not marginal, are far from optimum and perhaps not even average?
It's easy to bet the farm when you're using house money. It's even easier to suggest that it's our right to make our own shot choices. An unfortunate problem with freedom of choice here is that the consequences are not always paid by the perpetrator (shooter) but rather by the 'perpetratee' (the game animal) and by those who provide the opportunity (i.e., those who buy licenses and make it possible for us all to hunt those same game animals and to enjoy this wonderful sport).
It's all too easy to make a statement that "This is adequate". We all know someone who tried this bow weight or that shot distance, and it actually worked. That time. Maybe a few times. But equating "This is adequate" to "This is a good idea" is a whole different thing. What if the consequences were more 'real' to you and to yours? Do you still want to roll those dice and trust that it works?
Just some friendly advice for your consideration(no foul intended), but when we attempt to take an animal we all need to 'make it personal'. Shoot close. Shoot gear that matches the need. Learn skills. Stay within the tradition and limits of the sport. Because to the animal and to the rest of us who'd really like to keep the tradition of respecting these animals an icon of what hunting is supposed to be all about....it IS personal.