what dos it matter

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It doesn't matter so much with field points or target points, but when you put broadheads on the arrow... The bigger the broadhead and the more blade surface you've got, the more fletching you need. A big 2-blade, unvented broadhead needs a lot of fletch. A small 3 or 4 blade head with vented blades can get by with less.

That's assuming your arrows are correctly spined and the bow is tuned to them real nice.

Even mechanicals have SOME exposed blade surface so, IMO, they need a bit more fletch than you can get by with on field points.

So then if i fletch with a 5" vane can i expect to be able to stabilize just about any broadhead available?A buddy gave me a bunch of 5" vanes but i haven't tried 'em yet--just wondering.

Yeah, 'just about' any broadhead available. The general rule of thumb has always been that feathers will stabilize a broadhead as well as vanes that are an inch longer. So a 4" feather will do the same job a 5" vane will. Unless you've got a really humongous broadhead, a 5" vane should stabilize it.

I've gotten 75 grain Thunderheads to shoot great with 2" Bohning Blazer vanes, but any head bigger than that went crazy. With some of those really huge 2-blade heads, like the 2" wide Simmons Tree Shark, I've had to go to 5 1/2" magnum feathers to get 'em stabilized.