Cameron, while you are 90% correct, Hydrostatic shock is a real physical principle and existed long before it was injected into the wound theory discussion. I was totally with you until you made that one mistake.
Here is a recent use in a pure scientific sense (line 99):
http://www.shock.eps.harvard.edu/pre...20preprint.pdf
Most people dismissing hydrostatic shock use this:
http://www.rathcoombe.net/sci-tech/b...s/methods.html which frankly is mostly correct, except his highly ignorant diatribe on hydrostatic shock. The Wiki Hydrostatic shock definition explains some of the contrasting theories:
http://en.wikipedia.org/wiki/Hydrostatic_shock
With handguns (vast majority) and shotguns, the creation of a shock wave that is capable of producing any significant effect to a human is largely impossible. They rely principally on air in and blood out. Disrupt the partial pressure balance of air or drop the blood pressure fast enough and humans go down, while not immediately dead. The Federal marketing of the "Hydroshock" did more damage to the understanding of the term "Hydrostatic" than good.
I have personally re-researched these theories and spoken with Marshall, Fackler and many of the foremost medical researchers in this area as well. In a professional capacity, as well as studying projectile wounds, I have worked on several cases where "Hydrostatic Shock" was the cause of death. In an explosion, chemical or physical, the creation of a 4 psi pressure wave to the front face of a human body is the 50% fataility threshold. I worked an explosion where a deceased woman had no impact trauma, no burns, but yet died. The damage was on a cellular level where the pressure wave caused rupture of capilaries and cell walls to such a degree that the blood pressure dropped so low she basically bleed out "microscopically." While this is extremely rare with slug impacts below about 2200 fps (and the associated mass and frontal area to set up a significant shock wave in the tissue), there are cases where brain trauma was observed during autopsy and related to chest cavity handgun bullet impacts.
A lot of the 20 plus year wound theories have gross inaccuracies, including hydrostatic shcok. However, just because ignorant non-scientists proferred explanation of theories that could not be scientifically supported does not mean the theories themselves are wrong, just their explanations thereof.
However, I do agree with you on the basic premise of BS related to hydrostatic shock and the other issues you called out with this one exception: When it comes to slugs with suficient volume and velocity, hydrostatic shock is one component of incapacitation of a living target that may have an effect whether it be primary, secondary or even tertiary.