Really. You mean all those matches I shot 2 sighters in were figments of my imagination?
There is more than one flavor of long range competition... some get a fixed time period for unlimited sighters, some get a fixed amount of time for unlimited sighters *and* all their record shots, some get a fixed number of sighters, and some get a fixed number of sighters but can convert those sighters for record score if they want. Being one of those that likes the 'fullbore' style matches with convertible sighters... what my first and second shot is just as, if not more so, important to me than what the last ones do.
And yes, it is relevant. The larger your sample size, the better it simulates the total population - i.e. any given shot you might fire any given day, whether the 10th shot in a string or the 1st. That said... reality being what it is, the economics of running large numbers of shots across the chrono simply for the sake of data gathering starts losing its appeal with the larger wunder-boomer / barrel-eater calibers.
Generally speaking... you're probably safe just taking your average MV and your ES and going from there - 18 shots isn't a bad sample size. Could be better (bigger) but the real world is rarely ideal. If you wanted to be a bit more thorough, take +/- 2SD (i.e. +/- 29fps, or ES=58) and that should give you roughly 95% of all the shots you'll fire with that load from your gun - in theory. If you're paranoid
take +/- 3SD (+/- 43.5fps) and that should cover 99.7%. As your sample size (# of shots in the string goes up, your observed ES and the theoretical ES (+/-3SD) should get closer and closer together. Most of the very small ES/SD numbers you see mentioned on the Internet don't hold up when the sample size increases to 20 or 30 - 30 being a somewhat 'magical' point where statisticians traditionally draw the line between 'small' samples and 'large' samples.
Seeing as most of us have better things to do than fire such large shot strings, and as Mike pointed out, the accuracy and repeatability of most consumer grade chronos is somewhat questionable - how do you, the purchaser, go about testing them in a repeatable fashion? You literally can't use the same powder charge, primer or bullet; the only thing you can do is reload the same case over and over but thats not really the same for testing/verification purposes. At some point you have to accept this data as simply being a 'good guess' and 'close enough'. Take the gun out and shoot it at as far of a distance as you can find. If it holds vertical at distance, what the chrono says doesn't matter that much anymore.