Re: hours on a 1996 i/o 21' boat.
Unless you are reading the computer for hours, the gauge itself is worthless... You don't know if it has been replaced to start with. Also, hour gauges are notoriously unreliable and have a tendency to start and stop when the feel like it. Also, some manufacturers go the cheap route and the gauge runs when the key is on the 'on' position, instead of actually using a wire from the engine. So if someone often floats with the key on, it runs up the gauge.
Finally, the gauge doesn't tell you anything about maintenance or how hard the engine was run.
A compression test will tell you far more than an hour gauge will ever hope to!