First of all, I am not much of a Webb fan. I do not agree with some of his decisions and I think at times he has acted like a stuck up snob.
However, let's give the kid a chance. When he was a senior and ran 3:53, many people were proclaiming him as the savior of USA miling. He leaves college to become a pro (like the decision or not) and struggles his first year. Many of his strongest supporters become his loudest critics. He has not fully developed and needs some time to get used to being a pro. Give the 21-year old a chance to grow up and mature before freaking out and saying he has no chance to be a contender against other elite milers.
With regards to his post racing extracurricular activities:
Magic Johnson sat on the bench during Lakers games and picked out the girls from the stands he was going to ask out. Yes, he got HIV from it, BUT it did not change how awesome he was on the court.
Pre drank a ton at post race parties, but that never stopped him from electrifying the crowds at Eugene during his races.
It does not matter what you do before or after the race, so long as you get it done while you race (and, for the record, I would say Webb had a mediocre day if he were racing balls out, but a good day if he were just working out).