Explanation needed on browser benchmarks

Can someone please explain the importance or lack of importance of browser benchmarks? Lots of tests have been run that rank Google Chrome highest in speed and in browser benchmarks (e.g. Peacekeeper, Acid3, etc.). For a browser that supposedly dominates Firefox, IE, Opera, Safari, etc. how come I find so many web sites that just don't work with it? I thought Acid3 was supposed to measure compatibility. I am confused as I find the browser fast, but incompatible with many websites. Am I misunderstanding the testing and the results of these tests?
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More about explanation needed browser benchmarks
  1. Not sure if I can explain it to you properly, but this article is a good place to start (hopefully someone else can chime in as well):

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