I own one...and I have used it for many things.
1. Comparing different bow designs
2. Comparing different arrow weights vs velocity
3. To work on form
4. To check variation in speed relative to brace height, and
4. To compare different string materials and strand count. I did a lot of testing with strings
I know there are several out there that claim they got an extra 5-10 fps by doing this or that...as as someone above mentioned, I like to pull out the chrono and say "I would like to see that." What happens next is they person usually says something like, "Well, I haven't actually chronographed it, but I can tell my arrow is faster and hits harder."
In my own testing dacron vs dynaflight, the dynaflight is 6-8 fps faster in most cases (some more or less, but not by much). And, my experience has also shown that going from a low stand count to "typical" strand size doesn't give anywhere near the change in speed many claim it to be despite it "hitting the target harder" as is often said. The chronograph takes the subjective non-sense out of claims for objective people that prefer to be more "scientific." KE and momentum both are both just physics...and both are directly dependent upon speed and mass.
That said, there is nothing wrong with speed IMO as long as the bow is still stable, durable, and quiet. That said, I certainly designed my bow to be as fast as I knew how to make it while also striving to maintain other highly desired characteristics. Speed is great, but it isn't the only thing that matters.