As traditionalists, we've used too much fletching. Back in the eighties, when all of this really took off, we had regular hunting arrows (almost exclusively wood) that looked almost like flu flu's. We liked how they looked and liked seeing them spin to the target. I still like that affect, however...
We've come a long way in bare shaft tuning/bow tuning. Carbon arrows and front loading (FoC) have contributed greatly for allowing less fletching to be effective. It is surprising as to how little fletch you actually need.
Attributes gained; quietness, greater clearance from the hor. & vert. shelves, less drag i.e. more retained energy, flatter traj., also low profile fletches are very durable and more resistant to wetting (oil line) and compression (stiffer).
An excellent read is Ashby's article on A&A (Adcock & Ashby) fletching, very similar to halfseminole's above. Ashby found that he could obtain faster arrow recovery (somewhat counterintuitive), which was something he wanted for extremely close shots (3 meters) on buffalo.
Exciting stuff IMO. Fun to experiment, no harm in that!
Kris