The physics of it is this: Kinetic energy=.5(mass)*(velocity squared) While the velocity of the bb may be dropping, the mass of the bb is increasing, so the kinetic energy is essentially staying the same. The motor produces the same amount of energy in every shot, and it's the energy that causes damage and pain, not JUST the velocity.
The reason you are supposed to chrono with .20s is because you have to have a standard mass in order to compare the guns. So in reality, the field limit rule at airsoft is 420 fps WITH .20s. I'm too lazy to do the math right now, but if you worked that out to find how many joules of kinetic energy that equals, then you could use that formula and plug in the kinetic energy you just found and whatever mass BBs you are using to find the proper velocity.
You shouldn't chrono with .20s though, because the field limits for FPS are set at what are considered safe limits for a set weight of BB. To use an extreme example, if you get hit by a paper ball shot at 500 fps, it won't hurt, it's too light. However, if you get shot with a metal ball that's the same size at the same fps, it would be like getting shot with a bullet. Sure, you could sneak by a chrono by using heavier BBs, allowing you to play with a hotter gun, but it is more dangerous because the kinetic energy which is transferred to the body on impact is greater than it would be with a lighter BB at the same fps.
EDIT: Bah... I didn't realize somebody else had already posted an explanation. Oh well. Double the formulas, double the fun right? >.>