The New York Times magazine on Sunday had a full-length article on Michael Phelps, Built to Swim, and a photo album on swimming...the web version has even more photos of the team and they are beautiful.
For access to the article and photos you have to sign up but it is free... www.nytimes.com/.../
The article addresses the question of long torso/ short legs that was raised in this forum. It seems that this combination (he has an inseam of only 32 inches, and the torso of someone who is four inches taller than he) helps him ride high in the water and reduce drag. His arms are long, and feet big, which also make an enormous difference.