My YC uses PHRF as a basis for our regular "beer can" style races, and then adjusts based on finish times. We use a pursuit style start where the slower boats start first based on their handicap. Basically applying their handicap to their start time instead of working it out at the end. With this type of start all boats "should" finish at the same time. It makes the racing much more competitive across different types of boats and skill levels. It also makes it easy to see (and measure) who is always winning and to adjust their handicap from there, using PHRF as a baseline number. Some boats end up with radically different handicaps than PHRF but it makes the racing more interesting/challenging for them too, which makes everyone happy.
Maxum 3200 Miss Adventure
Formerly - Tartan 34C Yawl