Both of the boaters involved were "professionals" at this, one was the promoter of the event. They both had many years of experience in the operation and maintence of these craft. The implication that the people involved were not skilled is troublesome. However, had one not "taken the chance" all would be alive today.
These craft are big ticket items, and the operators are not flybynighters. These events are held across the country, with very large purses.
some pictures and related gear are here
cardiacpaul/speedboat - Photobucket - Video and Image Hosting
I believe that while very tragic, the collision was caused by operator error, (not maintaining a safe distance, speed not reasonable and prudent) and mechanical failure (conjecture, no smoking gun has been found).