King Kobayashi's long reign is over. Joey Chestnut broke the record for eating the most hot dogs in 12 minutes yesterday: 59 1/2. He bested the previous record by a whopping 5 3/4 dogs.
Update: To put this in perspective, Chestnut bested the old record by roughly 10%. This would be like running the 100m dash in 8.8 seconds, long jumping 32.5 feet, or completing a marathon in 1:51.