Being new to multihull racing, I'm not sure how much my opinion matters, but I will say that I first heard of the Alter Cup when I read about them selecting F16s for the competition.

The articles I read about the cup lead me to believe that it was a regatta that showcased new boat designs by having skilled sailors race them one design style. I really think there is a place for such a race format and based on the comments in this thread, it sounds like I was mistaken in my assumption... I think that's a shame.