A quick question from me:
How competent do you need to be at swimming before you take on your first triathlon? If your swim is weak, can you still make up the time on the bike and run?
In my first Oly I had a panic attack and breast stroked the whole thing. Some bored 16 year old on the open canoe offered to take me out of the water, I refused and came out second to last but made up so much on the bike and run that I got 3rd place female.
This is why I think (and maybe wrongly) that if you're not a fast swimmer but can get round, and since then I've moved up to mid pack in the swimming, even better... Then a stronger bike and run is much more advantageous.
Which is also why I'm interested in a web chat with a swimming specialist on a tri forum, and my initial question.
To disadvantage the good cyclists and runners, the swim would have to be much longer than it is in each triathlon distance imho.