FireLance
Legend
Well, rule clunkiness aside, I imagine it's to simulate simultaneous actions. A round is a fixed amount of time, so if your horse "waited" for you to finish your full attack, it would only have enough time to move 5 feet. I might allow a full melee attack when your mount is moving more than if your mount is "pacing" (running alongside) another creature (think two mounted combatants trading blows as their mounts gallop side-by-side).S'mon said:3.5 PHB specifically says no, you only get 1 melee attack if attacking after horse moves - but DOESN'T SAY WHY - it's not described as being a standard action or anything like that, it's presented as a complete exception to the regular D&D combat rules. In fact it looks like you could full attack at the start of your turn, then if your horse 'decided' to gallop off, you'd get its move too!
Ride-By Attack could just be interpreted as 'move after charge and still get charge bonus' feat - it is very very weak but it's a prereq for Spirited Charge which is very very powerful!
I've always seen Ride-By Attack as the mounted combatant's Spring Attack, plus you get the mobility of a double move from your mount, and double damage when using a lance. Against slow-moving opponents with poor or no ranged attack capability, it's an excellent tactic. I guess you could do a normal attack while your mount moves, and you wouldn't provoke any AOOs if your reach is greater than that of your opponent, but you wouldn't get the advantage of double lance damage, either.