Well, kinda sorta.
If there was just one event - 200m butterfly - and Phelps creamed the field and got gold, but two Chinese swimmers took silver and bronze, you'd be saying that the US had won wouldn't you ?
For my money, I like the system that counts 4 points for Gold, 2 for Silver and 1 for Bronze. The other medals mean something still, but the Gold trumps the sum of Silver and Bronze.
(Having said that, I'm not too fussed about it - team US had a great Olympics and won the team prize as far as I'm concerned - gratz guys !

)