Graybeard, I disagree. It's real world use is comparative ballistics. While its not ever going to be an exact science, it does give you an idea of where the load/bullet stands against another. For example, most people are going to look at the .35 Remington (one of my favorite deer getters) and think "Well hell, that's a mighty fine cartridge, looks big, looks fast, lets check it out." Maybe this guy is looking for a round that will touch to say 250-300yds. SO.....
.35 Remington 200g RNSP SD - .223 BC - .195 MV 2000FPS
Energy at the muzzle is a fairly impressive 1776Ft-lbs. Well over a mid size deer load. We all know that you aren't going to shoot a deer point blank, so lets look further.
At 100yds the velocity has dropped to 1632fps/1183ft-lbs (we'll assume a zero of 100yds for the example) Easily sufficient to drop a deer.
at 200yds things are beginning to look dim 1328fps/783ftlbs still enough, but only on a really good shot add to the fact that our drop is 12" and the fact that most folks cannot really judge 150-200yds.
at 300yds we see a serious problem 1112/549 Pretty low on the energy side and we can assume that the bullet will not expand too much. Add to the fact that we now have to compensate for 43.5" of drop and we can clearly see that the cartridge needs to be kept at about 150yds or less. My general theory is 1000+ Ft-lbs at the strike point is what Im aiming at. Ill drop that figure to about 700ish if I have a back-up shot quickly (read semi-auto or leaver action) and Im going to be very close (i.e. less than 50-60yds).
So I feel it does have a real world application, but I also see where you are coming from. You'll hear WAY TOO many people talking about their MV and ME and never consider the down range effect. Point is, all the energy in the world is no good at the muzzle if you loose most of it before you hit the animal.