Pretty good explanation here. Another thing rarely mentioned is that the slower heavier arrow will retain a greater percentage of it's initial velocity over longer distances.

True, for most eastern hardwoods hunting longer shots are not the norm, but then there is even more reason not to go crazy with speed. Out west I can see it, but only to a point.

It's fairly common knowledge that a heavier arrow will be more stable and have a little less wind drift. Also makes the bow shoot more quietly and over time less stress on the bow itself.

To that end I'm not in either camp. I'd shoot something in the middle of the range, maybe 6 to 7 gr per pound of draw weight. Reach a happy medium.