Personally I'm ok with current flhook timer and I agree with Korrd, also at least it's better than banning people for not having absolutely stable ISP as has been told bot Locke and a thread somewhere nearby. The only real issue at hand is that "chat menu" bug, which, I hope, will be fixed one way or another. There are ways to avoid it.
The only moment I was very annoyed with timer was trying to dock to jumphole on Harbinger (Nomad Battleship) in dense asteroid field, it got stuck two times. Other than that I have no problem.