In my own opinion, the only reason I use one (6" doinker) is because it reduces the "kick" or recoil of the bow. I just bought a new Golden Eagle bow last week. The first arrow shot out of it in the shop made it feel like the bow was going to jump right out of my hand. The shop guru grabbed a stabilizer off the shelf and screwed it on, it immediately made a HUGE difference.

At home, I shot some groups at 15 yards with, and without the stabilizer. No difference at all as far as accuracy is concerned.