Sparky - good comments...
I've seen that video as well. Worked well with the bouy course, as they could set a receiver somewhat centrally on the course, to maximize reception. How they were able to keep all of the signals separate is something for the engineers (and a lot of multiplexers).
Again, the video has most of its footage from stationary cams around the bouys, an aerial cam (chopper), and a few chase boat cams. Lots of $$ for the whole package...
It also helps to have two Aussie announcers who have "tipped back one or two" before the races....