It all depends on what you're trying to do.
An interesting experiment is to test a machete and a khuk side by side on a clear piece of wood. Assuming the edge is good, you'll probably get that machete far deeper into the wood than the khuk despite its lighter weight. You'll also have the devil's own time getting it back out again. (Hint: use the khuk...that's why I included it.)
Which tool will make it through the wood first, assuming the same operator is using both?
My machetes are sharpened to the same level as my khuks but because of that nice thin edge, they have far better penetration. Even a considerably shorter khuk will whup them in a wood chopping contest. Obviously, penetration is not the name of the game - at least, not the only name.
I actually prefer poor penetration when chopping wood...yep, you heard that right. I only want to go in about an inch or two. Any further and the blade might wedge, meaning that I have to expend additional energy cursing and wrestling the khuk back out. I want to work smarter, not harder. (Actually, I do not want to work at all but that's neither here nor there.) If the blade does stick, I want it to stick just a little, so that a brisk twist of my wrist snaps off the offending piece of wood and frees the blade.
Then again, I'm not a finesse operator. I tend to just smash my way through things. I grew up with a machete and a splitting maul and anything in my hands tends to get treated as one or the other. (This is changing, slowly but surely.)
Hollowdweller, however, trades power for technique and gets a lot less tired than I do. His "woodchuck" method penetrates even less per swing than my swings do but he gets through those logs just fine.
Vildmark, what do you currently use (or would like to use) as a chopping tool and what is your favored technique? The more specific you are, the better the good people here can help you.