Aronian had an advantage out of the opening against Ivanchuk's Budapest, but made a misstep in the middlegame. The suggestion that Ivanchuk got an advantage out of the opening in that game is just wrong.
Ivanchuk is at his best in slightly murky positions, but he also has excellent endgame technique. Carlsen outplayed himself in his loss, and Ivanchuk demonstrated his skill. Ivanchuk was able to defeat Kramnik because Kramnik needed to win as Black, not because he was suddenly the best player in the tournament. Ivanchuk deserved both of his wins, but they did not prove he was better than Kramnik or Carlsen. Or Aronian or Svidler.
Ivanchuk fell apart because he could not handle the pressure of the tournament. That's his own explanation of events. Pressure affects the play of even the best players, as we saw in the last round.
But Ivanchuk was not the best player in the tournament. He does best in events such as the Olympiad where he can play a 2500 one round and a 2750 the next. Playing the very best in the world for game after game was just too much for him. I doubt anyone would pick Ivanchuk to win a 12 game match against Kramnik. Yes, he could win a game, maybe two. But he would suffer a heavy defeat.
Ivanchuk's losses on time were in games where he had a bad opening and was under pressure for the entire game. He was dead lost in most of the games he lost on time.
My best putt is as good as Tiger Woods' best. Doesn't mean much...
Well put. The difference between a top GM and an amateur is not the standard of their good moves, but the standard of their bad moves.