Hull Speed: 28 knots
Top Speed: 45 knots
Fantasque!
This is where a good marine architect can shine by making a longer effective hull length as the speed increases.
My best recollection, being an aviator, not a surface guy, is that you are correct in that hull speed is like a knee in the curve of power vs speed. As you state, obviously you can go faster than hull speed, but at great expense in horsepower.