Paper tuning is small step in the whole bow and arrow tuning process, not useless but usually just a beginning. At 15 yds a broadhead and a filed point may shoot to the same spot but if a person's range is out to 35 yds then they may find that the BH and FP no longer fly the same.

Some will say that you can just tune your bow to BH's and not tune it with FP's. In my opinion, if you want your bow and arrow to function with the most efficience and energy then they should be tuned in a number of steps that may or may not include all of the following: Paper tuning, bareshaft tuning, walk back tuning, group tuning and finally tuning with BH's. All of these methods are discussed many times and in detail in the Technical fourm.

EDIT to add: There is also laser and level tuning and that is very effective also but I still do it in conjunction (initial setup of bow)with the other methods.