Oh, and mabrungard, I found that "1 hr mash time enzymatic activity" via Google somewhere. I cannot take credit.
It was here:
http://missionarybrewer.wordpress.com/2012/02/01/the-brewers-window-what-temperature-should-i-mash-at/
Graphs and variations of it float around alot. It tells you a bunch of stuff about the mash, but it leaves out a lot of variables and how dependant some of them are on each other. Namely that temp and time are not two unique inputs. They are tied to each other quite a bit.
The fact of the matter is there are a lot of things at play regarding enzyme activity and most brewers aren't really in a position to control every aspect of them, so when people start tinkering with temps and times they often don't see huge changes in their attenuation and start to think that some of the effects described are bogus or not applicable on the homebrew scale. It's also very hard to tease out differences in the final product because taste is so very subjective.
While Beta amalyze is active lower in the 140 to 165 range, it starts to denature above 145 and rapidly about 149. It's also the most active at that temp. What this means in practice is you may only get 5 minutes of really intense Beta amylase active with a low 150s mash. After that its all Alpha amylase. Varying your mash temps from 150 to 155 might not really make all that much of a difference in the ferementability of your wort. You might denature the beta amylase a little quicker, but it's also more active before it throws in the towel. So there are competing factors driving the end product to a similar state when mashing in that range.
Also, Alpha amylase doesn't really denature until you get about 170 F. What this means is (assuming you don't do a mash out, which is fairly common) alpha amalyze will continue to be active throughout the mash, probably the sparge, and some of the raise to the boil.
Alpha amylase doesn't just produce dextrins. Dexitrins are a result of the fact that while alpha amylase will hack up starches to little fermentable bits, it can't break the root joints of any amlyopectins so it leaves some dexitrins behind. Alpha amylase will produce fairly fermentable wort given enough time, albeit higher in dexitrin content.
I've seen a lot of instructions that say 60 minute 156 mash, batch sparge, then raise to a boil your 6.5 gallons of wort. The "mash" may only last 60 minutes, but you may well have almost 2 hours of enzymatic activity before the amylase is completely denatured. Given these long activity times, you might not really see a difference in the finished product between a 154 mash and 158. There's just a lot going on.
pH plays a role in enzymatic activity as well, though it's not nearly as pronounced as temperature. Mash thickness is also thought to play a role by offering additional protection for certain enzymes as it varies from thick to thin. I've no opinion on that last one.
What does this mean? I don't know. There are a lot of personal stories regarding mash techniques and what does or doesn't produce differences in the final product. Everyone's system is either a little or a lot bit different, so what some people swear by other calls complete hokem.
The good news is that it's really not that difficult to produce a decent wort. The low 150s mash is widely accepted as a good mash range because there are so many factors driving the enzymes to decent conversion and decent ferementability at those temperatures, regardless of the other inputs to wort composition. I encourage you to tinker with it, but please set your expectations accordingly.
The science behind this stuff is pretty well understood. It's practical application for your equipment and process is highly variable. None of that precludes any of us from making great beer in a variety of ways.