Blackmoor in a Nutshell

[Havard]

When it comes to a lead slug, it's not the penetration, but the exit wound. A sword, even when wielded by a mighty-thewed Conan-type, doesn't have anywhere near the same kinetic energy.

Exit wound yes, but you still have a sword through your chest that's gotta hurt as well. It is worth noting that it took centuries from when gunpowder was introduced to when warfare was changed

Plus early gunpowder arms were less about effectiveness in hitting ability, but noise+smoke=severe shock to the morale:

"Aaaah! They have terrible dragons which roar like thunder and belch giant clouds of smoke!! Run!!!" hock:

But would it have the same effect on someone who is already used to facing enemies who could cast fireballs or ride actual dragons?

-Havard