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You have raised some really fine points about the evolving nature of the marathon and its participants. I think that an obvious solution would be to limit the number of runners in each contest by a qualifying time, as some races already do. The ING NY Marathon probably won't pursue that option because the organizers don't see a problem with a runner finishing in six hours. For a corporate sponsored event, more exposure, more runners and runner's families pushing them on, is the ultimate goal. Remove the sponsorship and add a qualifying time, and the NY Marathon might have a chance of recovering its competitiveness.
In a somewhat related but by far more disturbing way, I unfortunately noticed that marathons have become a staging ground for political messages. Rounding the corner in the Philadelphia Marathon a few years ago and approaching the 15th mile, I was disheartened by the large placards held by anti-abortion advocates that depicted graphic images of aborted fetuses. The whole road-side campaign seemed manipulative and totally inappropriate. Talk about wrecking competitive spirit.