I had to go with a yes for this.... prophets are bad ass in oly! Getting pretty much full buffs and all 3 armor masteries makes up for the fighting skills. BUT, you still have to know how to fight other classes by deciding which skills or armor to use.
When I first started using a prophet in olympiad this month, not only had I heard they owned, but I had seen them own all other classes in the oly fights in retail. I figured that it would be an easy class to farm points with, but, I was already unable to compete after my first 7 fights witha 2-5 record. I owned a summoner and shillien saint, came close to beating a hell knight and pally, but I got slaughtered by tyrants and glads.
So 2 weeks later (today) I had a few more points regen, so I could finally compete once again. This time i changed up my style when I went against a tyrant, and beat him while having 1k hp left. Sadly i only took 2 points from him since i barely had any. As I fought another tyrant later on, I realized the only downfall of playing a prophet in oly.... the time limit in oly blows. I had mana drained the orc several times, landed block windwalk/shield, and had him to just under half hp when he began to run away from me.... I pulled my bow out, and after shooting twice, we both go purple and he wins. The same has happens when I go up against tanks. In the time I spend mana draining and healing (or being stunned), i'm getting dealt damage and even though I don't die, I still lose because time runs out and they have done more damage.
Anyhow, thats my experience playing a prophet in oly. Since this was my first month ever playing in the oly, im still a noob in the olympiad fighting, but I am sure that with practice the time deficit could be overcome.
p.s: from what I have heard/seen/read, only summons can be brought into the olympiad but pets cant.