Here's some of what Jack Harrison says in his book "Traditional Bowyer, More Unnecessary Fun":
"Fiberglass is almost as strong in compression as it is in tension. On the otherhand, carbon is not as strong as fiberglass is in compression. In fact, carbon has so little compression strength, I avoid using it by itself in any bow limb on the belly side."
"I combined bamboo in the core with carbon on the back, an a blend of carbon and fiberglass on the belly. This combination seemed to give me the best results compared to everything else."
"I know the "laminators" put carbon in all sorts of locations in the core of bow limbs, but in my opinion, this is a waste of material. Carbon in the center of a bow limb is nothing but a spacer. It does nothing to contribute to the elasticity or cast of my bow limbs, so I suspect the same applies to any other bow."
Jack has done more scientific bow testing than probably anybody out there making bows, and his bows fetch top dollar (even used ones if you can find one). So to summarize Jack's findings, carbon on the back and combined with fiberglass on the belly is best, while carbon in the core of the limb is useless.