BTW I agree with everyone that the instructions aren't exactly clear. I based my thoughts on doing other scientific tests in college. Its always best to do each test exactly the same way each time - which is why I assumed mixing for 2 minutes was the 'best' way. I did a little test - I tested different samples with a new control each time. If you just mix for 2 minutes and do a reading without waiting the 3 minutes - the result is extremely low - its higher at 1, 2, and 3 minutes but seems to peak at 3 minutes (which is 5 minutes total)... Then drops off. I have to say I didnt repeat it 10 times - because its expensive. The other reason people may 'think' they have 'stable' readings at different times is that their Phosphorous is quite low. As the 'true' level of phosphorous increases, the 'variability' of the test will likely increase markedly - and make exact timing more important.
For example - if the true Phosphorous is 3 there isn't much opportunity for the test result to 'change' or be variable because of the accuracy/precision of the test. I,e, - using my experiment taking a reading just after the 2 minute mixing gives a result of 1 (lets say) at 5 minutes its 3 at 7 minutes its 2. All of those are within the variability of the test. (and it could lead a person to think that timing doesn't matter because all the results are 'the same'. If the true phosphorous is 100 lets say - my guess is that you well tend to see the results vary considerably at different times as the reaction progresses/degrades - which is why Hanna recommends reading at a particular time. (Im sure they tested the meter against known standards - and picked the time where it most consistently matched)