*SPOILERS*
I didn't think there was anything shady about Billy breaking the record. Walter Day has known Billy for over 20 years, so it's not surprising that they accept his videos with little scrutiny. Steve Wiebe comes out of nowhere challenging a longstanding record, so he should receive scrutiny until he proves himself, as we see he did in the film.
Wiebe's original record was invalidated because the replacement board he got came from Roy Shildt. When the Twin Galaxies guys went to investigate his machine there was basically one thing in the world that could have negated his record, and that was what they found: the shipping box with Roy Shildt's name on it.
Wiebe's a cool guy, and seemingly about as honest as they come. Shildt is Shildt, one look at that guy and you know he's nuts. It's a shame that Wiebe's original accomplishment was tainted because of him.
*END SPOILER*
Anyways, it's an awesome film. It's crazy to see how focused these world record holders are. What really tops it off is all of the great extras, as well as the retro arcade look and feel to the menus and such.