From what I understand and have been told there are two purposes for a traditional ferrule. One is to keep the end grain of the shaft from mushrooming (and splintering) when the tip is compacted. The second is to keep chalk off of the shaft. A large number of the pool population chalks wrong, you can see it very easily by how dirty their ferrule is
A shaft with a carbon or fiber pad has the ability to play great. It depends on the grade of the wood, the weight and taper. Predator, ob and tiger have laminated shafts and used lighter ferrules to reduce deflection.

A shaft with a carbon or fiber pad has the ability to play great. It depends on the grade of the wood, the weight and taper. Predator, ob and tiger have laminated shafts and used lighter ferrules to reduce deflection.