Hi Stephen,
Have to agree - case in point, we give the Hobie 16 time on handicap based on ISAF system, theoretical based rating system based on boat specs (but you knew that).
With no less than 4 ex-Hobie world champs in our Hobie fleet we find it difficult at times to beat the first few over the line, never mind on handicap. That is why I prefer this rating method, it is based on boat specs and assumes the sailors are all equal, something you find out is not the case on the water !! Recently our top end of the fleet have been finishing ahead of the top Hobie 16`s, but not by enough time to win out on handicap every time - more often the top few H16`s correct out over us, so I think the rating is fairly accurate. As you said, on some days with the right course and wind, we run well away from them, but it doesn`t always work out that way. But when it does, it`s SWEEEET !!
Rating systems such as VYC or the US system rely on equal skill sailors in each fleet, as you said the top sailors migrate to certain classes which pushes their rating down while other classes may stay the same or even get a better handicap over time depending on who is sailing them.
Still I`m glad I don`t have to sail against Tim, Neil or Gary !! They just SOUND so damn fast

A little off subject - here`s a shot of Miles & Darren, our junior end of the fleet (16 years old), who recently won the 2nd leg of the Triple Crown, a series of long-distance races, were 3rd at the Brandvlei Longhaul, and came 2nd at Mozzie Nationals. I`m getting too old to sail against these guys !!
Steve