I think ukathleticscoach is far from ignorant. Of course the clock can be competition, and I for one love seeing the greats trying to set them. But at the end of the day you can't replicate the exact same factors for 2 athletes attempting to run a WR. There is the weather, the economy of pacing, the condition of the track all to be taken into consideration. One athlete might have perfect weather, pace and a super fast track one day, and a better athlete may be thwarted in their attempt the following week due to poor conditions. With an Olympic final, everything is the same for everyone. Of course accidents can happen, but they can in a WR attempt too.
You say someone might win or lose due to tactics!? Surely that's the name of the game! If someone doesn't want to be beaten due to poor tactics, then they make sure they change theirs and run a race from the front. Look at the 800m. It's one of the most unforgiving events because there are so many permutations tactically. Coe was easily the best 800m runner in 1980 but ran a disastrous tactical race in Moscow. I don't remember the world's press saying, "Never mind, he should have won, he's still the best 800 runner!" They were rather saying he was a failure and didn't have a tactical brain, because he lost an Olympic final, regardless of the fact he was more than 1.5 sces faster than anyone else in the field.
When was the last time a 1500m at the Olympics only "heated up" with 200m to go?
If someone knows they haven't got a kick to win in a slow race, then they hit the front earlier. If they fail to do so, they only have themselves to blame.
I'd say in the last 9 Olympic 1500m finals the right person (i.e the WR holder or one of the top 2 fastest ever won):- 76, Walker (Mile record holder), 80 - Coe (WR holder) , 84 - Coe (Mile record holder), 96 - Morceli (record holder), 00 - Ngeny (2nd fastest Miler ever & 1k record holder), 04 - EL G (record holder), 08 - Kiprop (consistently the best over last 3 seasons).
Only in 88 & 92 did other factors come into play. So in reality, the record holder usually does win.
And in none of those races was it just down to who had the kick with 200 to go. In Moscow Straub went hard from 700 out, in LA it was less than 2 secs outside the WR, in Sydney the Olympic record was set, in Athens EL G ran the last 800 just under 1:47 to win. EL G didn't have the best kick in a slow race so he made sure it wasn't slow up to 1300m.
The Olympics is not just about tactics or "luking" out on a set day. It's about preparation, mental toughness and putting together a series of races that is as equally impressive or even more so, than a one off race with the luck of getting perfect conditions and pacing. Look at the 4 races Cruz put together in 84 to win the 800m or the 7 races in 9 days Coe ran in the same Olympics. Or the doubles by Viren or Yifter. Those are feats that require a depth of talent and ability that goes beyond what the likes of Foster, Quax, Mamede and other record holders did on one occasion over their entire career.