I'd have to agree with BayMan that the term "Stand On" is at least equally as nebulous as "right of way". If taken outside the context of the rest of the COLREGS (just as the argument is made against the term "right of way") "Stand On" can just as easily imply that your
responsibility is to maintain consistent course right up to the point of collision. In fact, many of the skippers in this forum have clearly stated that they believe that "stand on" is a responsibility to convey to the other closing skipper that your intentions are clear and you are not going to just wander around (see the comment above?). Well, when do you give up on your clear intention and just get the hell out of the way for the sake of collision avoidance? The concept is no different than thinking about your position as a "right of way".
I'm guessing that the only purpose for separating the term "right of way" from "stand on" is to provide cover for any large commercial vessel that runs over a smaller recreational vessel where draft is constrained. The authorities can then clearly say the commercial vessel had "right of way" and doesn't have any responsibility for the damage to your boat (or the loss of your wife and children

). In the case of 2 sailboats colliding, the authorities can say, well, that guy was "stand on" and this guy was "give way" but you 2 dufusses are supposed to avoid each other no matter what so you both are idiots and you both are at fault. So in the end, "stand on" and "give way" are essentially meaningless because the courts have more important things to do than get in the middle of ridiculous disputes over "right of way" between yachties on the water, whether they be rag wavers or stink pots.
I've read all the comments and I'm beginning to think that the argument is just a "tempest in a teapot". I think it is absurd to believe that changing the term is going to change the behavior of weekend warriors and other yachties on the water.