The speeding system we have here seems to make a lot more sense to me: On most highways, there is no speed limit. The only (theoretical) limit is the motor limitation of 155 mph (250 km/h), which can be taken out, but will almost always lead to losing any kind of motor warranty.
In practice, there are limiting signs to 75 mph (120 km/h) for passages where the road is not good enough or there are narrow curves, unclear conditions etc. In my experience, this system works wonderfully: when the road is good, you can drive as fast as you like, so people are more concious about paying attention to the road and their rear mirrors, especially when hogging up the left lane.
I acknowledge that completely overtaking this system would be impossible for the US, simply because the roads are not up to it and the driving tests are not rigorous enough, but I think Germany serves as a fine example that there would be no harm in raising the speed limits a few notches.