the 'little red thing' is a magnet i belive.. it breaks the barrier at the start gate and again at the finish line.. used to measure the riders time basically, new for 2009 i think
It's a timing transponder and yes you're right, it breaks the beams at the start, splits, and finish to provide live timing. They're coded against each riders number so that live splits can be given.
It's a Canon 1D Mk2N used with a combination of lenses through this whole album which are all Canon EF's: 200mm f2.8L MKII, 135mm f2L and a 16-35 f2.8L. From time to time a 35mm f1.4L, a 50mm f1.4, and a 100mm f2 are also used as required