As reprted in today's live thread, Taylor Phinney posted a 4:15 individual pursuit and is now in the gold medal round later today, as reported in the CA live thread. His competitor will be an Australian named Jack Bobridge, who posted a time 2 seconds slower.
As a comparison, Wiggo won gold in Beijing last summer by posting two 4:16s within a couple of hours of each other.
Good luck Taylor.
Update! Not only reaches for rainbow, but wins it!