If you take a really close look at pacing in the 800m, you'll notice that many of the great runs were at very reasonable early splits.
In my observation over the years, we look at the 400m as the key split, but often, the runner has already substantially slowed down at or just past 200m.
Where runners often kill any chances at a good time is in the first 150m. And there have been plenty of good examples of runners holding back early in big races.
We also often take the split of the leading runner and not the runner who won the race.
Wottle 1972 in Munich
Ovett 1980 in Moscow
Ereng 1988 in Seoul
http://www.youtube.com/watch?v=wVDcZTHOQug
(Cruz is clearly the most talented, but Ereng is the smartest)
Tanui 1992 in Barcelona
Borzakovskiy 2004 in Athens
all ran very even splits
Interestingly, in Seoul in 1988, the guy in last pace at 200m in every race from 800m - 5000m won the gold.
Nobody notices though because everyone is watching the leader. Last year's NCAAs, and the last 4 years' US Championships were all won by somewhat at or near the back at the 200m mark.
I'm always talking about men when this topic comes up because most women have not figured out this strategy yet.
One thing about running this way is you need a ton of confidence. It is easy to get pumped up and go racing out from the gun, slowly dieing the last lap, but it is very mentally tough to be behind the leader by 20m and have the confidence to slowly work your up through the pack.