I'm a Conor fan and as a result I'm biased towards Conor, but here's what I think...
"1. Chad gassed because he didn't have a full camp."
I think you have to take all the pre-fight quotes with a grain of salt. Fighters can't exactly say "No, I haven't had enough time to prepare for this fight". Simply, conditioning was obviously a vital element of this fight, it affected how the fight played out and how it was ended. And whether Chad was well conditioned or not, he would have been MORE conditioned had he had the full camp. Whether that would have been enough is another story.
The body shot sequence is very good. It does well to show how effective they probably were. I think they helped a lot with Chad gassing. Having said that, I still don't think they're the main cause of Chad gassing. I think it was just an adrenaline dump. He looked gassed within 1 minute of the fight. I think the moment and the hype got to him. Then the body shots just compounded that. Also, I actually just think Conor's style naturally is gonna make his opponents gas. He and the Diaz brothers' in-your-face style pushes fighters beyond their natural pace.
"2. Conor's elbows were illegal."
I agree that they weren't illegal. I don't see many people using this any more fortunately.
"3. Early stoppage."
I agree that the position Chad was in warranted a stoppage. However, position itself shouldn't be the only factor that determines whether a fight should be stopped; the time they're in that position is also important. Chad was given very little time to attempt to move and show that he still wanted in the fight. I think the 30 seconds or so on the feet, in which Conor was landing at will with Chad not offering much, contributed to Herb's decision to step in. I can accept that, though I still think it was a tad early. 2 more seconds probably would have been sufficient... if it wasn't for the fast that the round was about to end, and that's the other issue...
I think that, in theory, time remaining on the clock SHOULD factor into a stoppage. There's three reasons to stop the fight: Both fighters require their consciousness, the will, and the skill to continue. In other words, they need their senses about them, they need to want to continue, and they need to be able to offer some sort of offense to the opponent. If a fighter is out or heavily rocked for a long time, or they clearly want to stop the fight but don't want to say, or they're just clearly outmatched and outskilled, then the fight should be stopped. This relates to the clock in that a rocked fighter will have time to recover and a fighter without the will to continue could genuinely receive it through corner advice or motivation, meaning there's more reason to allow a fighter to continue near the end of the round. The problem with allowing the clock to influence a stoppage is that it requires the ref to monitor the clock; I don't know whether they're expected to do that or just keep their eyes directly on the action. I'd imagine it's the latter. If that's the case then I'm ok with there only being 3 seconds left when the fight was stopped. Like I said above though, another 2 seconds would have removed my doubts and others' doubts.