Please don't be offended by this Mark, but the point of both of my posts was to get answers from someone who might actually know (not just guesses)...
Dont know the details, but first AUS have to qualify for a berth, which nobody have yet. The final selection is usually not done before the year of the games. It is very common to have two teams who both compete and work together.
Bundy must really be motivated when he switches classes and have a go at gold in the 49er. Good on him!
Hopefully there will be a multihull class in 2012, and at least in 2016. Who knows, perhaps Bundy will be there at the helm sailing fast as usual.