The bottom photo is the correct way. I take a small file and sharpen up the fins to turn 'em into cutting blades. It makes for a bunch of bleeder blades and helps get the head through those thick feathers, but still keeps penetration down. At least, with a 55 lb recurve or longbow.

I don't know what it'd do to a turkey with a high power compound. Come to think of it, the guy at Cabelas might be onto something by turning the thing bassackwards.