
So there it is. The data shows some sort of limit being reached. This last world record has been a bit of a jump, but not significantly more than previous jumps. I actually love the first set of data, from around 1932 to 1954, that is the trend which one would expect.
It seems as if though individuals, or teams come along at times and make sudden changes. This last Olympics may be an example of that. Here is data from the 400 meter medley which Phelps won a few days ago.

Again we see some leveling off of the records. I noted two swimmers and their records just to show the influence of an individual. This shows you a bit of Phelps true skill. He was able to snap the limit of the records and make significant changes, improving year to year on his own records. Interesting.
The data:
http://en.wikipedia.org/wiki/World_record_progression_4x100_metres_freestyle_relay
http://en.wikipedia.org/wiki/World_record_progression_400_metres_medley