Lately it seems every time people talk about GPS or Radar speeds, someone comes in and tells them that those readings are useless and that only Lap Times matter. To me this is like when I first started in this hobby and every time a guy like me (sport boater at the time) would make a comment I would be shot down by the 'do you race?' comment. That really got to me, and I am starting to find the 'Lap times' thingy annoying at times too!

No offense to anyone.
Here is my take on this.
Lap Times: good to note and document improvements in DRIVER SKILLS. The shortest times obviously mean you are getting around said course faster. This can be either because of a faster boat OR driving a shorter course (closer on the buoys) OR a combination of both. This all changes when you are in the water with other obstacles such as other boats racing!
GPS - Radar: good to note and document improvements in BOAT SPEEDS. You should do several backing runs to confirm readings accuracy and rule out erroneous readings. In my opinion this is the only way for the common boater to register true speed of the boat short of running through a speed trap.
To sum it up, I think it is not only valid to use a GPS and/or radar gun to validate boat speed, it is the only effective AND accessible method for most boaters to do so. You can take lap times all day long if you want, but that will not necessarily tell you the boat is faster or slower, it will just tell you that the boat is getting around the course slower or faster. Could be that you are just not driving it in the same lanes all the time. Unless you are a robot and have perfect conditions and repeatability, you can BET you are not running the same laps all the time! Want to know your boat's speed?...put the GPS in!
I'm done... comments welcome!