Actually I don't imagine an SHARP arrow feels all that bad. That's the biggest reason a razor sharp broadhead is so important...a bullet leaves massage trauma wherever it goes, and the body has built in systems that constrict blood vessels when this happens. A sharp broadhead doesn't trigger these systems because the animal, and its body, "never knows what hit 'em" allowing a quicker bleed-out. I've also seen clips of a mountain goat being shot through the lungs looking around as if something isn't right, going back to its business and collapsing shortly after.
No...I won't be starting the line-up of volunteers to prove my case
My vote goes to the slug unless that 150 grain bullet is being driven at extreme speeds (lets say 3,500+) because at incredibly high speeds the hydrostatic shock ought to be enough to either pulp the heart or 'thump' it hard enough to stop it. The slug just leaves on massive hole and breaks whatever it runs into, which is good considering thay aren't known to be extremely accurate.