Dan J. I agree 100% plus some thoughts
As I was making my way up through the the thread comments, I was trying to compose a reply to clearly indicate the difference between a collision course and an imminent collision - Dan J. you did this very clearly. The point was well made that the regulations apply specifically when there is risk of collision. Vessels must follow the rules if there is risk of collision and a vessel only departs from the rules to avoid "immediate danger" (Rule 2). On the other hand Rule 7 (Risk of Colllision) is the starting point to establishing what rules you should then follow. The rules which follow (8 to 19) then tell you what to do if there is risk of collision in specific situations eg. Narrow Channels, Overtaking, Head-on, Crossing Situations. Restricted Visibility etc. Note - quoting rule numbers may make it sound complicated - it isn't - reference material is readily available (and often free) that summarize the rules for small craft ie. all of us - (usually only a few pages explain all that is normally necessary), The rules are always covered in basic boating courses which I highly recommend. I would add to the general discussion that the rules require that the burdened (giveway) vessel make an early and obvious course change to show that they are staying clear. I would agree that giving way to everyone is a better response than giving way to no one. However, as Dan J said it can cause confusion - particulary if there are several boats in the area. If you are the stand-on vessel and are expected to hold your course, and you wish to give way, make your course change early and obviously.To illustrate this, years ago I actually had a 600' ship change course for me (believe it or not) and then resume its original heading in the middle of Lake Huron. It was the give way vessel as I was under sail with no engine on. I knew it was on a collision bearing (constant bearing) about 2 to 3 miles away (moving fast - probably 6 to 8 minutes to intersecting my course) and I was intending to gradually change course to pass behind. I just didn't do it soon enough. Now, whether it be a 30,000 ton ship or the dolt in the jet ski - if I intend to give up my rights, I do it early so everyone knows what is going on.Sorry about rambling on - I do think this is an important topic.