I think the confusion on here is due to the definition of what an elite triathlete is. An elite Ironman distance and an elite Olympic distance are not the same thing.
Also an "elite" local racer is not the same as an ITU level athlete. Whether or not you can draft makes a huge difference on the importance of events. In non draft legal races the bike is the most important part. Coming from a city who hosts an Ironman I have seen this first hand. Yes there are examples of guys who have won the race during the race portion, but if you don't have a good bike split you are toast.
Draft legal races also place a greater emphasis on the swim portion, because if you don't have guys to draft off of you are in big trouble.
What exactly are we talkign abotu here, Ironman or Olympic? Draft legal or not draft legal?
This is like comparing the training and practice of a basketball point guard to a basketball center. They both do the same sport and use the same basic skills, but they are still totally different.