Correct. It is not current, but it is long standing. It held from 1972 until it was officially broken by UCI standards in 2000 by Chris Boardman in Manchester, England at close to sea level. Chris was probably about 6,000 feet lower in elevation at Manchester v. Mexico City. His record is 49.442 km v. 49.431 km by Merckx. On OLN, they make a big deal about the fact that Merckx' record stood for 28 years and that when it was broken, it was only broken by a little less than 11 meters. My point is that they fail to mention that Boardman's record is at sea level whereas Merckx' record is at 7,000 feet. The air resistance at 50 kph is a far bigger factor than the oxygen deprivation. In other words, cyclists can expect to go a few kph quicker at that elevation than at sea level, even though the breathing is more labored. If Boardman had acclimatized to the altitude as Merckx had, his record would be a longer distance in Mexico City.
I was inaccurate in my original post, however, about the advantage of aerodynamic design. Boardman also holds the best world hour performance (the non classic version) at 56.375 kph which he set 4 years earlier in 1996, also at the track in Manchester, England. When he switched to the Merckx design to better the UIC standard, he was about 7 kph slower. I venture to say that this gap would not have been as great if both records, a) the one hour record (the UIC version) and b) the best world hour performance (which allows more modern equipment) had been set in Mexico City, but it still would be significant. These are not only aerodynamic improvements but ergonomic as well. Boardman complained about feeling cramped up on the Merckx design.
As I gathered information for my reply here, I grew to admire Merckx even more. He set out to break the 5 k, 10 k and 20 k records en route to breaking the hour record in 1972, and that's precisely what he did. He did this all in one because of time constraints. So he risked "blowing up" in the end, but still managed to hold his own. And it wasn't his original idea to ride in Mexico City. He originally wanted to race on the Vigorelli track in Milan, Italy so that his record could be more easily compared with the greats of the past. But the track wasn't ready for him. So that's when he decided to go to Mexico City.
Boardman is the better time trialist, but Merckx still gets my vote as the best overall rider of all time.
My point here though is not about the people who hold the records, but the failure to make clear the effect of elevation on the UIC one hour record. The less aerodynamic a bicycle and riding position are, the greater the difference between a sea level performance and one in thinner air. So if you are going to eliminate aerodynamic advantages, you better pay attention to the elevation.
Any thoughts on this? Maybe there are riders out there who have some idea of what the altitude difference makes on a solo track ride. Maybe a few of you have kept records of this. If so, please reply.