"So why the Phantom race at all?" Because raceboards are a very good compromise between displacement and planing performance. A Serenity might be better in 5 knots, and a Formula might be better in 15 knots, but in the real world it's common to encounter 5-15 knots during one single session (especially if it's a long distance session), and a raceboard can handle that with aplomb. So they're great for long cruises in changeable conditions. Also, raceboard performance in high winds really isn't that bad. It's fun to ride them fast in the upwind straps, and downwind or on a reach it's like riding a rocket.