I cannot definitively say that one minute is the best option versus three minutes, five minutes, or any other number of minutes.
Main benefit I see is that the reduction of the auction time will make it feasible again to do reward-oriented, manual curation in the NEW feed. Manual curation there at the edge of the 15 min window has been highly impractical . 5 min could start to work right now, but not when the rate at which new posts come in ramps up again.
So I'm very positive on this change because I'm convinced that nowhere else do votes impact more on growth and retention than in the New feed.
Great summary and assessment, thanks for that!