I have never heard the pot hole side of that, makes sense though. All the bikers I have talked to down here in the south call them road demon bells. They are quick to tell you that the sole purpose is to keep the road demons off, and 99% swear that they work. I even had one old crazy eyed Harley rider tell me that before he received a bell, he had to "kick the demons off". One other thing I have heard as well is that you are not supposed to buy one for yourself, it must be a gift from someone else.
I don't have to have fast, I just have to have fun!