I had an interesting experience at the Michigan Longbow Assoc Spring Fling this year. I've been working with some EFOC arrows and took two of them with me - one fletched and one bare shaft.
Now, I'm only shooting a 46# bow. I have some 1535s that are well tuned to the bow with 175gr points and standard 11gr alum inserts. I also have the EFOC 5575s with a total of 400 gr up front (300 gr point and 100 gr inserts) that are flying quite well. We shot them both into some hay bale backstops and into an earthen bank.
I expected to see those 400 gr EFOC arrows penetrate MUCH deeper than the light ones, even though the lighter arrows were flying faster. They didn't - about 1 1/2 - 2" deeper was all.
Now I agree field points are going to act differently than sharp broadheads, but I'm also thinking there is a point where increased momentum can no longer make up for loss of kinetic energy. If I were shooting a 2000 grain arrow out of this 46# bow, I doubt seriously whether it would penetrate very deeply at all.
Where's the point of maximum penetration? Darned if I know, but I do believe strongly there is a point of diminishing returns where weight gains you no more in penetration. A point where the speed drops off so far, it's more than just a question of trajectory, but also loss of penetration. Obviously, if you're shooting 80# bows, that weight is way up there somewhere, but the principle is the same.
I guess the older I get, the more "middle of the road" I become.