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PBP does start like a handicap road race. Each group trying desperately to get into the 'faster' one ahead. In practice though, when I rode, the groups aren't actually handicapped so anyone strong in the first three groups at least ended up in a massive bunch that over the first day lost more and more riders. In a proper handicap, you'd all finish at almost the same time.
The bunch skills of some of the audaxers though leave a bit to be desired. Especially when they're pinging at their limits. If I rode this year my plan was going to be to ride it like a tourist with the missus. She's found her fun limit around 2-300k though so that ain't happening. PBP is much more enjoyable when it's not balls out.
Yeah, PBP is a good example. Though in addition, in PBP, one of the reasons for the first groups to start as fast as possible might be to get away from the next start group that's trying to catch you. They'd be 15 mins ahead of you if you'd ride the rest of the ride together.
And obviously in a group as big as the start groups are, the group will keep splitting so you'll need to stay close to the front to not be in a dropped group.
In 2015 I started in the second start group of the 80 hour limit. The start on the more urban streets was rather hectic and speed was so high for my 48/17 that I didn't even try to stay with the fastest after a while, though we were still going well over 30km/h when we got to the first resupply point at about 150km, that was not a mandatory control, but still most did stop, so we continued in a smaller group.
During that first leg, when the fastest riders of the third start wave, a big group, passed our big semi-fast group, using both lanes, a car came to the opposite direction at the same moment. Could have been dangerous, but I think we got through with just a lot of yelling. But I think there was an accident in a similar situation ahead of us.
Other than that part, the group riding in PBP was beautiful, fluent. Very small groups mostly.