What Phelps is doing is almost inhuman and he's doing it against athletes who have prepared their whole lives for these events. These world records are on par breaking the 100, 200 and 400 meter races in Track and Field. I'm not a big swimming fan either, but I damn sure appreciate what he is accomplishing.
On the other hand, I think beach volleyball gets way too much primetime coverage. Great watching the women but why not add flag football, one-on-one basketball and indoor soccer while they're at it?