Interesting discussion. I think it all boils down to figuring out what works best for you and then fine tuning it to perfection. I've seen a number of frighteningly accurate instinctive snap shooters. Terry being one, a local guy named Kevin Griveti being another.
Personally, I was always taught to hold at full draw until the shot felt right. Everyone in my family shot instinctivly and held for however long that particular shot took, be it 2 seconds or 10. They were also hunters first and foremost.
About the only thing I routiney snap shoot on is fish. Then again, I don't have to be very accurate to hit a carp at 15 feet, but pulling off a fast shot is critical.
For the most part, I'm a gap shooter show tends to hold a long time when it comes to targets. A few weeks ago a gentleman working the novelty shoot at Cloverdale joked that he was thinking about going out for a sandwich, waiting for me to drop the string. I don't know how many times someone had asked me, "what does that bow pull, about 40 pounds?"
Nope...57 on the button.
For bowhunting, my sequence goes a bit faster, but I still hold and aim for however long it takes for the shot to feel right. It's what I've found works best for me, after a lot of trial and error. I think everyone should take the time to try a bunch of different shooting styles in order to find their niche.