I believe a quality mechanical has the edge here...
That was from my first post, and what I am basing my comments on. Of course their are lessor quality and poorly designed mechanicals out there, just as there are fixed heads. If a person has performed due dilligence in selecting a head that addresses " reliability, penetration, angle, and KE requirement" , and such heads DO exist, then the difference is moot or we can move our discussion to how far into the dirt the fixed or mechanical penetrated after passing through the prey...
My bow is tuned to the point that it will shoot both fixed and mechanicals accurately. I prefer to shoot at a level of speed that gives me an increased yardage advantage with my pendulum sight, so I choose a larger cut mechanical to also give me the advantage of better blood trails should reliance on them become necessary upon a poor shot (crap happens). It would prove much more difficult to get a 1.5" diameter fixed head to fly true at 294 fps than it does a quality mechanical...
The days of the knee jerk reaction of assuming ALL mechanical heads are inferior to their fixed counterparts are over, in my opinion...