First, let me say Bolt's recent exploits have been phenomenal. Haven't looked into it in too much detail, but have been aware of comparisons made stating his 9.58 for 100m is worth 1:37 for 800m. I think this was based on some Hungarian formula, which I have to admit I'm not that familiar with.
However, I can't see that it's worth that fast for 800m when you look at the evolution of both events in the last 30 years or so.
For example, at the beginning of the 1979 season the 100m WR (albeit set at altitude) was 9.95 (Hines, '68) and the 800m record was Juantorena's 1:43.44.
Now, I take it that these were about on a par in terms of performance? If so, then the 100m WR has improved by 0.37 (about 4m in distance), while the 800m WR (Kip's 1:41.11) has improved by 2.33 secs; about 18.5m.
Surely a 0.37 improvement at 100m is = 0.74 (x2) for 200m, 1.48 (x4) for 400m and 2.96 (x8) for 800m.
Thus 100m in 9.58 = 1:40.48 (1:43.44-2.96)
If we use the WR's for other events at the beginning of 1979 as our base level, then the following improvements would seem to be equivalent to Bolt's recent performance:-
100m~ 9.95 - 9.58 (0.37)
200m~ 19.83 - 0.74 = 19.09
400m~43.86 - 1.48 = 42.38
800m~1:43.44 - 2.96 = 1:40.48
1500m~3:32.2 - 5.55 = 3:26.65
1 Mile~ 3:49.4 - 5.92 = 3:43.48
So from this it looks as if Bolt's run is equivalent to EL G's 1500 & Mile WR's and superior to the 400 & 800m. If you look at the 200m equivalent (19.09) that looks about right for Bolt in a 1 off race.
This is a fairly primitive model and I'm not saying it's accurate, but a 1:40.5 800m looks a lot more realistic than a 1:37.
Wonder what others think?