I can't speak to the sportsmanship in racing as I'm not involved with racing (too many irons in the fire to dedicate a specific night to sailing). From lurking and reading, I've gathered that it seems a lot like sportsmanship in golf. Mostly handled on the honor system, but if you make a big enough stink about something, you can get other people to back your argument to force the perp to score correctly.

Playing golf, I am a single digit handicapper and love the game. I have no problem with people who don't score correctly(accidentally or intentionally), but I do get irritated when I play with people that obviously don't score correctly/cheat and at the end of the round they're telling everyone what a great round they shot and about the birdie on #12 (which they happened to hit a mulligan or foot wedge). Does it detract from the game? No. I don't play for the bragging rights about my round, I play because I love blasting a drive down the middle of the fairway, sticking the pin with my 8 iron, or chipping in from the fringe. I like just being out on the course.

I suspect the same is true for _most_ of the people out there racing. They're not worried about winning the t-shirt at the end of the day, they just love being on the course, pulling on the sheets, feeling their boat accelerate past the boat next to them.

Don't let a few poor sportsman keep you from doing something you love. If you like the competition, then ignore the cheaters... jump in and go for it.