As far as penetration goes, the most important factor (besides KE of arrow) is the cutting diameter and shot placement. A larger cutting diameter results in a significant increase in friction through the animal thereby reducing penetration. Shot placement is obvious... if you hit the scapula on an elk, no matter the broadhead, penetration could be a serious issue.
I elk hunt with the 100 grain steelhead expandables. Granted, I've only taken two elk so far, but both have expired very, very quickly. Last year I shot my elk at 50 yards sharply quartering away. entered just behind the shoulder, lodged/ stopped against the offside scapula... about 18" penetration including both lungs and heart- she went 60 yards.
This year I shot my elk at 52 yards, slightly quartering away. Hit her just behind the last rib, complete passthru with exit about 4 inches behind the offside shoulder. She went about 180 yards or so (but would have only gone 100 yards had I not pushed her right after the shot).
The steelheads only have a 1 1/8" cut, that's why they penetrate so well. And with the longer shots out west and the increased wind, they fly so, so, so much better than fixed blades (that's where the 'shot placement' comes into play).
I think the rages would be about perfect for whitetails, but I would be a little nervous about them on elk due to the larger diameter. In fact, one of the locals lost an elk with the rages while I was out there this year.