Jeff, yes this really is much ado about nothing.
You have to realize this isn't a 270 Sundancer we're talking about and there are some legal and logistic issues.
Back in the 80's I had a "part time" roommate who was full time crew on a 98 footer which for many years was listed in PMY's top 100 privately owner motor yatchs. This thing doesn't make that list in todays world of Mega Yatchs but at 148 Ft is no slouch
It is flagged in the Caymens..
It was built in the Neterlands and therefore would be difficult to Document as a US vessel. There are some really touchy issues and some discrepancies between maratime law and USCG regs regarding this.. From what I've found the current owner is not the person who contracted the original build . It does qualify for certain USCG large yacht exemptions and allmost certainly does travel internationally. Offshore registry really does make perfect sense and might have been the only way to go for this vessel.
That being said , yup some rich dude from FL who backs Romney threw a party on his boat for a bunch of other rich dudes who back Romney.
I'd be more upset about the people who do federally document their 270 Sundancers to avoid paying state registration fees and taxes.
One other consideration even if this boat did qualify for US documentation is that the USCG has the right to comendere any US documentented vessel . I personally know two captains whose boats were comendered during the Marielle Boatlift so yes this really does happen. If that was your boat would you want it being used as a shuttle bus?