I can understand the World Championships using shootouts in the final games, but I don't think it is necessary at the Olympics since TV stations dedicate consecutive hours on different events already. They can decide to bump some events they deem less important.
Not only is the IIHF allow a skill contest to decide supremacy, but on top of that after 3 tries, they allow one player to do it over and over again. That's throwing away all team concept out of the water. I still favour the Olympics run by the IIHF, but I think someone could really lobby for a change concerning this matter.