There will never be a perfect handicapping system. I saw the light about 3 years ago. If there is more wind at the end of a race (even slightly) it benefits the slower boats dramatically. The opposite is true as well. Anytime you have a speed differential amongst boats, a handicap system will give you an approximation whether or not it's cats vs. cats or monos vs. monos. (spinnaker cats vs. non-spinnaker cats too).

That being said, handicap systems are beneficial and useful. Some people would rather race under them and while they are imperfect, some view the unpredictability as an opportunity. It gives others an opportunity to race whatever boat they have. I support handicap systems - but I choose to not race under them whenever possible.