LBR,
A point of clarification. In my earlier post when I say the limbs can take a 'jolt' I did not mean to imply less stretch causes more hand shock. No stretch strings stop the limbs very quickly. Some might call this a jolt or say they feel a solid 'thunk' at the end of the shot. There is little or no buzz or vibration in the bow--little or no 'hand shock'. The stretchy strings can take a while (a few milliseconds) to settle down.
Strings with stretch take most of the energy out of a bow when an arrow is shot by vibrating. Some along their length due to stretch, some by lateral movement caused by standing waves. High speed videos of a string during the shot cycle will show sine waves running up and down the string with substantial stretch along with noticeable side to side movement. The 'waves' in a no stretch string are hardly visible.
Vibration in a stretchy string can transmit a buzzing or thumping kind of feeling to the bow hand. This is the 'hand shock' most folks talk about. Some folks like the softer shot cycle of the srtetchy strings, but then have to choose a silencer to eliminate the buzz or thump. Other's prefer the solid 'thunk' that comes from strings with little or no stretch. To each their own.
There's considerable empirical and actual sound measurement data to show the same bow is almost always quieter when shot with a no stretch vs. when shot with a stretchy string.
Are there performance differences--yes. Does it come from stretch vs. no stretch strings. Well, I don't think that is real clear.
Most reports about string performance say the no stretch strings throw a faster arrow than B50/55. A potentially confusing variable often not covered is the physical weight of the strings. The no stretch strings have a strand strength much greater than B50/55 (dacron). And the strand diameter is much less except for 450+. So when strings of the same strength are made, the no stretch strings often have fewer strands and can weigh much less. In most cases, I think the reduced weight of the string increases the arrow velocity more than a reduced amount of stretch. When I test a stretchable vs. a no stretch string, and both are made to the same physical weight, the arrow velocity is the same within the repeatability of the measuring equipment.
Now some folks have taken reduced strand count to an extreme and are making really skinny strings with 5-6 strands and then padding the loops and center serving to the right diameter to protect the bow nocks and be able to use commercial nocks on their arrows.
I have no doubt these strings are quiet. Have no hand shock and are fast (they weigh much less). But like all things in life, every virtue, when taken to an extreme, becomes a vice. Small strand count, skinny, strings are something I avoid.
I know a lot of folks think they are great. But for me the hassle of padding and the risk of what happens when a strand or two is damaged is just something I don't want to get into.