I would also favour (at least) 3 races per day and having them last for about 45 min each.
Wouter
Most of our events are 2 day events. We find that most races are decided in about 45 mins. That means in a 2 day event we get 3 races on the 1st day and 2 on the 2nd, with plenty of time for prizegiving and packing up on the 2nd day. Because we always have a good social calendar <img src="http://www.catsailor.com/forums/images/graemlins/grin.gif" alt="" />, Racing on the 1st day (usually Saturday)starts at miday and racing on the Sunday starts an hour earlier.
You can see by the attached photo taken on the Saturday night at our recent "Inlands", that the atmosphere was great. Unfortunately the guy with the camera was pis--d.