If you are after penetration, it's been basically proven a clean, shaving sharp edge is what you are looking for. Dr Ashby has written a pretty detailed account about how effective it is, and in what designs, and until someone is able to study and prove otherwise, I'll stick with his results whenever choosing and sharpening a broadhead.
I disagree with meat and serrations. I use very sharp kitchen steak knives, no serrations, and they make short work of any meat. My gutting knife is equally effective in splitting through whatever part of hide, cartilage, and the like.
Not just my opinion...