The Cliff notes for GOP:

If you don't increase bit rate you shouldn't decrease the time for GOP. Basically if you decrease the time for GOP then you cut down on its efficiency. Sure it can make each frame look better but only if bit rate is raised significantly.

Think of the video as a wave. You want the biggest ridable wave possible. You can decrease the time between waves and make it more likely to catch a good one. However, when you decrease the time between waves you also make them smaller.

You can also put a big storm near where you are and pump gigantic waves into your area with really short time in between the waves. You are almost guaranteed to see GIGANTIC waves that may or may not be ridable depending on a lot of other factors. You are also very likely to kill yourself/camera/videos.

Bottom line: Don't be an idiot hot shot who gets himself killed on the first wave out. Just sit back and relax. Let the locals show you where the waves are breaking. Then after you have studied enough you can jump in the line and show your stuff.

Ok so now that GOP has its own 'Don't Cry For Me Argentina' thread. Can someone start it off by explaining in simple terms the principles and real/or perceived benefits? ;-)