This thread has been comedy gold. 
My only thing to add to the OP question is that I'd be well annoyed if someone got a medal at my expense with a slower chip time than me because they'd shoved their way right to the front.
Lots of ultras already implement a version of this (Comrades, Western States etc) and I like the idea of having a medal based on time, chip time that is. Unfortunately that would mean a lot of wastage as at big events they'd have to overstock every version.
Edited: 19/02/2013 at 23:19