[xmot7]

But faster price discovery doesn't actually do anything. Outside of other HFT firms, efficient pricing only matters for large events that happen on a macro timescale - share issuance, buybacks, dividends, etc.

Unless one of those macro events occurs, knowing whether a stock is worth $10 or $11 doesn't actually matter - there's no efficiency gained or resources allocated based on that difference.

Resources aren't allocated on a nanosecond timeframe, no matter how fast your trades are. Actual resource allocation happens on a weeks to months timeframe.