and then there's the problem with boats that never have had class racing...ARC22, RC30, etc.
I'm not entirely sold that the Portsmouth rating doesn't work well in distance racing. I will agree that it has weeknesses but no system that allows sailors to pit a Hobie 14 against an Inter 20 is going to be perfect. What it does do is allow us all to get out on the water and compete on a reasonably level playing field. One could probably develop a separate P rating for distance races but I think that's overcomplication to achieve a minimal gain. However, I'm sure there are improvements we can make that will not overcomplicate the duties of the race committees but still offer larger gains in accuracy.
We must also consider the focus of the different systems under which we can race: Handicap, Class, Formula. The very serious racers will buy a boat for which there is substantial class or formula support. Others want to race their boats because of it's uniqueness or because of it's availability. These folks are happy with the Portsmouth rating racing and if they are not, they will find a way to get a boat that has a class or formula following (if ya' can't beat 'em - join 'em!...anyone know of a used Supercat?

).
I bought my 6.0NA because I wanted a better benchmark of my ability. I enjoyed racing the 5.2 and improved a tremendously but I got to the point where I couldn't tell if I was doing better or if I had a soft rating - so I upgraded. It's easy to get wrapped up in the inaccuracy of handicap racing but we should accept it for what it is: a lesser yardstick than class or formula racing.