Phelps is now the most decorated Olympian

[styla21]

Bolt is shaping up to be one of the most talented, successful athletes the Olympics has seen.
The discovery channel did a show where they stated that scientifically, 9.7 seconds is the maximum time any human could run 100 meters. ....Bolt broke that barrier, jogging the last 30 meters with his hands in the air.

Phelps has a large medal haul because his chosen sport allows greater range of events, and more medal chances. A track sprinter is limited to really 2 individual events, plus relays. Bolt will never take home 8 medals in one olympics as there arn't events to cater to this; but this doesn't mean he is an equal athlete to Phelps, and perhaps has a greater margin of superiority over his competitors than Phelps does his own.

If the best measure of "Greatest Olympian Ever" is by pure medal tally, then Nth / Jabba you are dead on right. I suspect it will be a very very long time until we see Phelps awesome record haul beaten.