I'd say from my own experiences on severe lies that shaft flex does help the droop. Just this weekend I was playing a course with some big slopes and noticed that the irons I had in my bag (aussie blades) drooped much more than the ones I usually play (mac 1025's) - the interesting thing was that they in 'theory' have the same shafts, s300's but the macs are newer - not sure if DG's have changed much between 96/7 and 2003/4 but the s300's in the macs are a much more 'stable' shaft than the older aussie blades. I had to compensate more with the aussie blades (which I of course found out the hard way, hitting a sidehill shot way too much on the toe, cost me a shot darnit).
The aussies are more upright though, but a touch - and they certainly 'feel' like a softer shaft than the macs. The swingweights are different though, so its hard to really judge.
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