Paolo Ciabatti (Motor Sports Director of WSBK) stated his viewpoint very clearly (this weekend at Monza):
"If I was in the place of Race Direction at Laguna Seca in 2008, I would have given Rossi a ride through."
Rossi passed Stoner on the outside under braking, but he couldn't make the corner and instead went straight, putting both tires on the dirt - therefore completely off track - and reentering the circuit in front of Casey, who in turn had to stand up his bike to avoid contact. Did he gain an advantage from the situation? Undoubtedly, as he ended in ahead of the Australian.
Making Rossi give the position back to Stoner would have been just, but a ride through penalty would have essentially handed the win directly to Stoner. Instead no decision was made at all. Did this influence the outcome of the race? Maybe, but you can't say for sure.
http://www.gpone.com/201105103653/Ciabatti-would-have-penalized-Rossi.html