Usually much longer than that, actually, since it starts when they close the cabin doors and doesn't end until ten minutes after takeoff. If you're taxiing or waiting to take off, that adds extra time. I fly about once a month and I find it a significant inconvenience.

Besides, why should we accept any inconvenience or distraction at all, if it's for no reason?

A magazine is going to hurt a lot less than a laptop when it becomes a projectile during an accident or extreme turbulence.

I'm fine with a weight limit/type limit. An iPodTouch is going to hurt a lot fewer people than a hardback book.

Are you afraid of flying? Those are some of the most terrifying three minutes of many people's lives. It seems like an hour when you're terrified.

9-11% percent of people have a fear of flying (http://www.icao.int/icao/en/atb/meetings/2007/ff07/Presentat...)

I know not having distractions or calming music on during that time period is a big issue (and due to the way plane power works, you often lose in flight audio during that time).

Agreed. I like to think they do it just so people aren't totally pre-occupied (listening to music, playing games, watching movies, etc.) during what is almost certainly the most likely period for incidents to occur.