The perfect example of exactly how elusive Olympic gold is, would be a Swedish alpine skier by the name of Ingemar Stenmark, without a doubt the most dominant skier of the mid-70's to mid-80's.
He only ever competed in slalom and giant slalom - never did any downhills - yet managed to win the World Cup (much more meaningful, imho, than the Olympics) 3 or 4 times in a row!!!!
That's like a NASCAR driver refusing to race in the state of Florida and still winning the cup!
IIRC, he went to 3 Olympics (Innsbruck, Lake Placid, Sarajevo), and should have won 6 gold (yes, he was THAT good...), but all he ever got was something like 1 gold and 1 bronze.
You talk about a gross misrepresentation of talent.
There is - aside from all the other factors - such a MASSIVE amount of luck involved in winning Olympic medals of any kind, or even going to the Olympics, that I for one have an extremly hard toime looking at Olympic games as anything more than a sort of 'showcase' type event.
As for FS medals being 'lifetime achievement awards', there's a very good reason why many people feel that way: it tends to be true.
However, that doesn't help you if you screw up.
Example: There is no doubt in my mind, that Michelle Kwan was 'scheduled' to win gold, but she hurt herself and didn't go.
Irina Slutskaya was prolly second in line, but she fell.
Enter # 3, Sasha Cohen, who also fell.
Ergo, Shizuka Arakawa (presumably # 4 in succession to the throne) wins......
I saw this a whole bunch of times in the days of Russian/East German Mega-Domination, when pretty much the only way to defeat whoever the 'reigning champion' was, was if this selfsame champion retired........