well, to point out the obvious, it wouldn't be a "petition" if he made the qualifying time, and this whole thread would be dead.
The heart of this thread is "Should USATF allow him in based on his petition..." with the unwritten understanding (by which the OP omitted) being "...due to his previous qualifying marks through his career, his current fitness level, and yes, marketability" since USATF is a company, just like Nike.
Now to the point of time being time, black and white, etc. etc., the "petition" rule wouldn't exist if USATF was as draconian as some may wish. Although there are merits to "you made it, or you didn't." Again, "you might make it, AND you're going to bring a ton of money in from sponsorships and advertising" is a valid reason, maybe not for the purists, but for those who wish to see the 5k on TV in its entirety, it may be something they're willing to accept.