There are some moves being made to counter the improvement in technology. IIRC the world record for distance cycled in one hour in a velodrome was smashed by "some french guy" (sorry, can't remember his name). No one managed to beat his record until the bike technology improved. Eventually the appropriate governing body decided that these world records were no longer valid since Mr."some french guy" hadn't been able to compete on a level playing field with the subsequent contenders. After that, all record attempts have had to be made riding a replica of the french guy's bike. The record was only just beaten recently and only by 10m, it seems that in this case the limits of physical human ability have been reached.
But it doesn't seem fair that we should stay in the dark ages and refuse all technological advances. If you really must reduce it to as level a playing field as possible, why not force the runners to go barefoot? Why not push all the pole vaulters back into using bamboo poles? Then we'd get very little improvement on records ever again.

But all the vaulters use fiberglass, so the field is even still. --- VH16

Well, no that it is over, we have had numerous Dopers, Bad judges, Athletes not up to par, and a spectator that jumps in and interferes with competition. It's a wonder that I even want to watch it any more. Athens had a bad year for the games. Not even ready for all the venues. Maybe the next will get it right. Maybe.