Lee
Pretty much agreement... I have never had the pencil effect that I recall but I have had them come apart, Hornady's mostly being shot to fast and a couple of Speers...
I believe as the size of the animal increases we have to trade shock for penetration to be sure of doing the job right.
I think you are totally correct here, but I also think there are bullets out there that do exactly what you and definitely what i want in that big animal. The do provide the shock and they do penetrate. More importantly they can do this over a wide range of velocites.