Tour of 1985 formal proof of a limit on asynchronous processes (won Dijkstra award)
hnr.dnsalias.net
hnr.dnsalias.net
Note: There are some interesting cryto systems such that X out of N nodes need to agree to do something. So you can send off the blackmail if 8 out of 10 people think you died etc. Because of this you can add a lot redundancy to most systems without causing problems.
Edit: Maximum time might be 50% longer than 80% of your nodes took it does not need to be a fixed number.
Some methods for ensuring a total ordering on message delivery require a round of consensus. Google's chubby lock service requires five servers out of five to achieve consensus. Database commit requires (at least) majority consensus if you're using quorums.
You're right to argue that practically this result doesn't really affect anything in the sense that you can fake synchrony with sufficiently large timeouts, but at the same time systems that are using hard core distributed algorithms such as Paxos are highly critical and it makes a lot of sense to be aware of what is possible and what is not.