A nice alternative to profiles, especially when there might not be much more interesting about the person than that he or she is a fast runner. That's one of the strong points of mensracing.com and fastwomen.com. As always in magazines, space is a consideration--if you and I talked for 20 minutes and that conversation was laid out in a magazine, it would take more pages than the average feature. (Obviously, you can edit the conversation, but then you risk losing some of the flavor and interesting tangents.)
I think interviews are in some ways harder than regular articles, not "easy journalism." Look at most of the questions in RW Daily's "Brief Chats" to see how often interviews revert to boilerplate and softballs. ("So, were you happy to win the Olympics?" "Do you hope to run faster?" etc.)
RT, especially, should do more interviews in lieu of profiles now that the mag no longer pays travel costs. How the hell are you supposed to do a good profile of someone without spending a good amount of time with them? Most people would be surprised to learn how little money there is in writing for the running mags, and how little of a budget editors have to produce each issue. Example: I got to cover the 96 Olympics for RT, which was obviously great. At the time, I was self-employed as a freelance writer and editor. I was in Atlanta for nearly two weeks, so other work (the nonrunning stuff that paid the bills) wasn't possible. RT paid for my plane ticket, and I got $750 for the article. (Side note: They no longer pay anyone that much.) I had to find my own sleeping arrangements (crashed on the sofa of an acquaintance who lived in the Atlanta suburbs) and pay for my own food. In other words, I lost money on the deal.
For the record, I might be in the know, as you say, but I'm certainly not in the in at RT. I get to do like one article a year, and have no input on the editorial content.