As Far As Ratings
...the idea is that they equalize boats based upon calculated, observed and corrected results. In theory (under PHRF), you should have an equal chance to trophy sailing a Westsail 32 or a J30. It also includes the results of skilled crew, effective boat management and optimized equipment. If you are simply looking for a fast boat relative to others, PHRF handicaps are a great place to look. Of course, you can also race one-design. For that, you'll have to check with the local fleets to see what they have to offer.
Some areas offer a less formal 'cruiser' series that offers more competition amongst boats that are largely oriented to cruising. They typically restrict the use of sail material, give allowances for cruising gear, and give offsets for jib overlap, furling gear, etc.
The best way to find out more is to be a guest at a local yacht club and pick their racer's brains on their opinions.