I always take these "OUT THERE" activities as something sponsored by some corporation like, say, APPLE?
I mean seriously, covering the Olympics with an iPhone? Don't get me wrong, the phone has the same horsepower as a D50, and it certainly can produce an image. Add Snapseed and you have a killer combo.
No matter how good you are, you are going to have to take 1,000's of images to get a few good ones and some really choice seating. Kudos for trying, but I don't view this as serious photography. You have to be sponsored and given access and have some choice seats.
Otherwise, this is no different that all those people you see taking flash pictures with a pocket camera, sitting in the nose bleeder seats at the Track & Field stadium trying to get a picture of Usain Bolt as he crosses the finish line some 500m away from where you are sitting.
It just isn't serious sports photography.
I do think the iPhone is a killer product, I have one. I am a die hard Apple fan.
It is a nice idea and a great gimmick. Please pass the D4 and the 300mm f2.8.