Regarding the swimming issue, there is no underwater photo at the website which you linked, but one can google it, and it clearly shows that Phelps came in second. Arguments were made by Omega that the finish pad did not register Cavic's press on time since the force used was not enough.

Moral of the story is that human error (be that of a mechanical nature) will always exist, but more care should be given in competitive sports. If you do not have the means to decide the winner, call it a tie, but if you do, even at the cost of a 350,000 photo/sec camera, then do it, but by all means do it correctly, because it might cost someone a gold medal at the Olympic games, and for the sake of people who put their life into competitive sports, this should not happen.