No, you are right. We shouldn't really use it because it is often too inaccurate to be very meaningful.
But it is still very popular and I must admit I like to see my peak 2 seconds speeds as well.

10 seconds was chosen for the reasons already mentioned by Decrepit, but also because it translates to a distance that can much more easily be found in a lot of places (about 200 to 250 meters, depending on how fast you are going), making it much more accessible for a lot more sailors all over the world!
It is also
[i]different[/i] from the old 500m WSSRC distance to deliberately separate it from those speeds. They were traditionally measured in a very different way, and still usually are for windsurfing. The 10 second GPS speed can be done anywhere, not though a fixed timing gate, which is a quite different thing so is not usually comparable.
It is quite possible now to get a reasonably accurate 500m average speed with interpolation algorithms in the 3 dedicated stand alone analysis programs GPS-Results, RealSpeed and GPSAR-Pro). Using 1hz data is allows a bit more error to creep in above the inherent GPS error though.
The use of 10hz or faster logging (the latest UBlox chips will do up to 18hz) allows much more accurate interpolation for 500m distance. Manfred Fuchs gathered test data at Luderitz with a twin 10hz GPS prototype in 2013 which I and others wore, and the results were
extremely close to the fixed gate official WSSRC speeds (almost within the error margins of the fixed gate timing itself!).
That said, 10 seconds has actually become the new standard. If it was not for the canal in Luderitz, we would not have many 500m speeds being done anymore. The vast majority of speed sailors, including the best in the world, post 10 second and 5 x 10 second speeds. Just check out the GPS-SS rankings if you want to compare your own speeds with those of AA and PD etc. There is also 10 second World Record rankings and and a large number of 10 second National records published by the WGPSSRC which are held to a significantly higher standard than the fun rankings posted on GPS-TC and GPS-SS.
So forget the old way and get with the new age! Go out and see of you can knock off Antoine's 53.86 Kts 5 x 10, or his 54.03 best 10 second run!
www.gps-speedsurfing.com/?mnu=user&val=204543&uid=412That should give you something to aim for!