On a slightly different note. If by 'Holy Grail' you mean the ultimate achievement then I don't think this is necessarily a healthy way of looking at it.
Back in the '90's my personal unattainable dream was just to crack 40 knots. To me that seemed like an insurmountable task, so much so that I almost lost interest, pretty much gave up, but it was also related to not having a practical way of measuring whether I actually got there.
Then along came GPS speed sailing. On almost my first run with a Garmin Foretrex I was amazed to find that I had cracked 40! Only
just mind you, and not for 500m but suddenly that barrier didn't seem so unobtainable. My personal quest now is a 45 knot 500m and that seems a very high goal indeed for me. It will take a perfect wind on a perfect day with all the planets aligned if it ever happens. But I know if it ever does there will be a new challenge after that, even if it is to be able to repeat it to prove to myself that it was no fluke.
As for 50 knots..... well that has been done now in a number of different ways. Peak speeds from some of the best kiters is now considerably past that. They are probably looking at 55 knots and possibly 60 knots now. Martin, and then Chris have both shown that 50 is quite achievable on a windsurfer and now it is just a matter of getting the conditions to hold that speed for 500m. It really is only a matter of time. Yellow Pages, in all likelyhood cracked 50 way back on the early '90's when they caught a huge gust going through the start line and shortly after cartwheeled and disintegrated. By counting frames on the video camera the crew estimated it went through the line at about 51 knots. This is one of the things that has given them the drive to keep going at it for all these years, just the knowledge that the basic design could do it, even if there was a lot of work needed in the control department.

Personal goals and satisfaction with those is what it is all about for me.
Must be a slow day. I am getting all philosophical again.....