A couple summers ago we had a really big sailboat with red sails and an intimidating bow sprit closing in on us. We were a couple miles from land with no one else around, and both had plenty of time to maneuver in the light air. My husband was getting nervous -- did I mention the scary bow sprit? I told him it was ok, and we should hold our course because we were the stand-on vessel. The other sailboat changed course slightly when just a few boat lengths away to duck behind us, passing about a boat length away. Friendly waves all around. Too bad I didn't have my camera.
I trusted that racers know and follow the rules, even when they're just out for a practice sail. Otherwise I might have been nervous too.