This seems to be talking directly to me, and other guys like me.
I'm a newbie to racing, so if my comments make no sense, I'll slowly back away and pretend I didn't say anything.
BUT:
I'm 38 and will be 39 next season. I just started racing and will be Cat 5 again next season and hope to upgrade to Cat 4 at some point soon. But I've looked at the Masters 35 and 45 groups and I see racers who are clearly better than the Cat 3 fields. No big deal, IMO. But I'm very hesitant to race Masters because it feels like I'm actually racing against Cat 2 guys and I have no chance at all.
The Cat 5 field are sometimes overflowing or capped at 50 because of USAC rules. No problem with that, either, except when there's a second field of Cat 5s forced to race with 10 guys in the second field. It'd be great to have an option to pull us 40-year-old Cat 4/5 guys out and let us race against similar cyclists. If only 5 or so of us show up, invite us to choose from the Masters or Cat fields we qualify for and drop that portion of the race. If there are prizes left un-won because of this, put them in a raffle for all racers at the end of the day.
I'll just say this: If there is a Masters 4/5 field, I will choose that every time.
there's a newbie's 2 cents.
I ride, I write.