ALL else being equal which it rairly is...for instance, lighter arrows have smaller diameters which means less surface area, which can reduce drag, particulary in targets with no blood for 'greasing' it a bit.
What some of us are talking about is using those lighter arrows, but adding additional weight to them (brass inserts, heavier broadheads, weight tubes, etc) to bring the mass up. That way you get all the momentum benefits of 'logs' plus the smaller diameters, less surface area, reduced drag, etc.
This thing kinda started out in the traditional community, where the guys wanted to shoot carbon arrows but found out they were TOO light and hand shock and vibration were too severe with them. So we began experimenting with stuffing things down the shafts, like weedeater line, foam, sand, aquarium air tubing... Got the weight up to where they were as heavy as aluminum arrows and the handshock was tamed. About half the traditional shooters are using carbon now, the other half split between wood and aluminum.
Then, several years ago, some brilliant dude with a lathe made a few inserts out of brass and the trend to extreme FOC was reborn. We can get the weight without stuffing the innards of the shaft with stuff, and then it began being noticed that the extreme weight forward arrows were a lot easier to tune, and less affected by wind and penetration was better than ever. This isn't something Ashby discovered, he's just scientifically quantified the phenomenon.
This extreme FOC thing is just now filtering into the compound world, where some folks who aren't afraid of change have done their own experimenting and have seen some pretty incredible success with it.