I have a chrono and I use it on all of my bows. I shoot a lot of different kinds of bows though, selfbows, bamboo backed bows, all wood laminate, fiberglass longbows and recurves and even a, gasp, c**pound bow. I shoot through a chrono, because I've got a pretty good idea of what weight of arrow needs to be going at what speed for me to be completely confident in it to hunt with. I've even taken it a step further and built a shield for my chrono out of two plies of 3/4 inch plywood so I can test arrow speeds at 10, 20, 30, etc. yards and see if the speeds that I've got at longer distances are still what I'm comfortable with. I also have access to a golf course and flight shoot all of my bows. The two are not the same.
Before the chrono, I had biased views of how fast and how far my bows shot. The chrono doesn't lie. For me it's not about being upset if I'm not getting the speed that I want, it's either worthy of hunting, or it's not. Simple. But then, I'm a hunter, not a bow maker. Wish I was a bow maker, but I've only got the time to make one or two bows a year.
For me, flight shooting doesn't measure up. Too many variables. Sailordad's observations are a case in point. I'd pay money to see the same arrow shot through a reliable chrono at 138 fps then shot through the same bow at the same draw 235 yards. Just some thoughts.