I definitely think that most cams today are geared to provider better efficiencies w/light comparatively.
Most singlecams provide his benefit (many dual cam gurus believe it is because the single cam has a harder time accelerating the heavier arrow due to the balance issue of having a cam on the bottom limb only. I"m not so sure I agree with that, but you"ll see that explanation tossed around by some)
Bowtech"s Black Knight cams (from 2002 and previous) are definitely designed to step up the speeds as arrow weight gets lower and lower compared to many designs. On the heavy poundage, longer draw lengths those cams are picking up 1 to 1.5 FPS for every 2 grains of arrow weight lost as it nears 5 grains per LB. It"s just insane how they work so well w/ light arrows.
I have a "theory" of sorts. Cam designs that peak very late and drop off late tend towards the better efficiencies w. lighter arrows. Cams that peak soon and drop of a bit sooner/smoother tend to handle heavier arrows well. I think the sudden jolt as the cam/cams on a late peaker hit the arrow with lighter mass, it"s much easier for them to get that arrow in motion, as opposed to the heavier arrow. On the early peak bows, that heavy arrow gets a more gradual sendoff that is smoother but is consistent over a longer duration which does not "slam" the arrow so hard, makes for less oscillation, etc. Thus they get a bit more efficiency that way.
Considering that the BK cams, and the vast majority of Maxcam copies adhere to that late peak, steep drop-off, and singlecams especially tend to drop off efficiencies w/ heavier and heavier arrow weights this makes sense (at least to me

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Hybrid cam designs like the CPS & C.5 (haven"t tried Merlin"s design, so I cannot say) seem to have a more balanced approach. They handle light arrows very well & heavy arrows very well. They are more efficient across a wider spectrum of arrow weights, without having the extremes at either end of the arrow weight spectrum.
Bowtech"s new dual cams due to their redesign also seem to have a more balanced approach compared to their predecessors in this regard. I"m seeing better efficiency with heavier arrows, and slightly less efficiency w/ light arrows as compared to the BK cams. If you are familiar w/ both cam designs you will notice that the new cams peak sooner than the BK cams did across most draw lengths and models (though a few still peak very late like the BKP).
People LOVE to see those top end numbers, myself included. However come hunting season, I throttle back to my comfortable hunting speed range (275 to 290 or so, depending on the particular design) which generally puts me around that 6 grains per pound range of arrow weight w/ the bows I have had in the past couple of years.
I think the industry would be best served with taking the approach of the hybrids, where a broader range of arrow weights proves very efficient in a given bow. This will satisfy those like Arthur who like to shoot 351 Clevelands, and others who like knitting needles.