A vast majority of slower swing-speed players have trouble hitting fairway woods with less than 16-17º of loft. I remember Tom Wishon years ago advocating that most players would be better served ditching the 3-wood and using the 5-wood, and he's a pretty good authority on the matter imo, as he's spent the entirety of his career trying to make the game easier for the average players.
My fairway wood play has improved over the past couple of seasons, simply out of necessity, as I find myself reaching for lumber a lot more often on the longer par4's and par3's at my club, especially if it's a back-pin and into-the-wind situation. But even then - I'm always considering the risk involved. Seldom do I use a fairway wood if I have to avoid trouble in front of the green and I know I'm nearing my typical max-carry yardage to clear. Better to lay up and simply play for a comfortable wedge or short-iron into the green imo.
I like my chances a lot better with a wedge leaving me 20 feet with a putter in my hands on the next shot than I do with a fairway wood that requires my absolute best shot. The difference is usually at least 1 stroke, and sometimes even 2 strokes.
