Haven't had time to watch much of this so I haven't seen exactly what you're referring to.
Are you certain it's panning and not tracking?
For some time now coverage of the Olympic has included cameras mounted on very long tracks that are computer controlled and can move very fast to track runners etc. Look for something that looks like R2D2 flying along the side of a venue or track.
It's appears more like the camera is circling around the person, maybe about 40 degrees or thereabout. It's hard to explain but you would know it if you saw what I'm talking about.
Yes, I wondered the same thing. After a gymnast had vaulted over the horse and was still in mid-air, the picture froze with them still "in space" whilst the camera whizzed around about a quarter of a circle till it was side-on (it had previously been in line with the direction of the vault), then the action completed. Very striking effect.
I believe the OP is referring to the http://sabia.tic.udc.es/gc/Contenidos%20adicionales/trabajos/Peliculas/FX/ej3.html"bullet time"[/link] effect made popular in the Matrix films. They've used it a couple of times that I've seen. I'm pretty certain they've modernized the technique and replaced the banks of cameras with a computer generated interpretation. That would be a bit of a distraction upon landing eh?
Yes, this is an effect that is used in U.S. college (and probably NFL) football broadcasts as well. It appears to me to be computer generated from two cameras: the starting camera and the ending camera. It is amazing what technology can do.
I'm still impressed at how they can get the first down line (in football) or the world record line (in swimming) to move across with the action and camera movement.