I think what we'd like to know is what is the point to the public 'event' as opposed to the typical mission we've had so far? Do we get a greater bonus or everyone get the accolade for first or maybe a new one!? Is it even meant to be cross faction? That might be a good thing to have and wouldn't really change the mission itself unlike the STFs.
But yes it does seems rather silly to have a minimum of 5 when it's virtually impossible to beat it even with 5 escorts. I don't think the 1hr even has anything to do with it as we are still queuing up under the public FA queue rather than a timed event. Experienced players have shown that 10 ships is the bare minimum to beat that thing at the min lv41 cap so setting 5 could do with revising though ont as a priority at least having 5 ships would get the queue going and others can join later but then why set a limit at all?
Also PLEASE let everyone in the instance or say the top 5 people have the accolade for the CE. It's very unfair for say the 2nd place person who lost out by the tiniest of dps or the cruiser/science who just can't out dps an escort. It only forces people to delibately make someone earn the most dps. Maybe not letting 'everyone' get the accolades as I can see people just sitting out or joining at the last minute and getting the hard owned trophy with little or no effort.