It paints the same picture as paper tuning, but is much more critical allowing you to get a finer tune. Paper tuning truly is only a starting point. Sure, it is often "good enough" even for broadheads, but just because you have a good paper hole, doesn't always mean it is perfect, or even good enough. Check out Easton's Tuning Guide, found on their website. Every bowhunter should be required to read that, IMO. I don't have the direct link handy, but it is easy enough to find.

IMO, if someone says bare shaft tuning is a waste of time with modern compounds, they don't know what they are talking about. It may not be necessary in all cases, but certainly isn't a waste of time.