In every kind of racing competition, fastest equals best. The clock judges all competitors impartially. This also applies to all sports competitions which are determined by quantitative measurements, (eg: Javelin, Shot Put, High Jump, weight lifting, etc.). The traditional Olympic motto is the hendiatris Citius, Altius, Fortius which is Latin for "Faster, Higher, Stronger".
Michael Phelps has the most Olympic medals won in any sport, the most individual Gold medals won, and the most world record set. If you can name a greater swimmer, and justify your selection, please do so.
Technique matters in competitions which are judged subjectively, such as gymnastics or figure skating.