Peter B,
You start a very good thread. In the world of "commodity based" low bid design services, it is simple to throw out 85/95 as if something sent down from God and etched in stone. I agree--it is bogus, and primarily useful for specifying equipment in a simple way, quickly.
I would like to add just this one thought to the already many good answers---
Chillers are kind of like electric motors. Electric motors life cycle operating costs are comprised of about 4% initial purchase cost, and 96% future energy cost. A $100,000 chiller may use $2M in electricity over its life, a better $125,000 chiller may use $1.25M in electricity over its life. Especially a chiller that is fed cold CWT, say 75F.
My average wet bulb in Hawaii is 68.6 F, and I like to "right size" the towers to produce a 2F approach, 5F max.
Low bid design companies can't possibly spend the time to optimize. And owners are very attracted by low first cost. Obviously, education of owners, when possible, is the way to go, and then enlist the services of an "energy services company" who is intimately familiar with the proper amount of analysis to optimize the system selection based on design cost, construction cost, electricity cost, the owner's Return On Investment ROI criteria, and control complexity and likelihood of persistence of savings.
Whew! that was a mouthful. Now do that, any you will have a project that you can really be proud of.
PacificSteve